PIPELINE: Corporate Bond Roundup: $7B HSBC 5Pt Launched

• US Data/Speaker Calendar (prior, estimate)
• 28-Jan 0830 Durable Goods Orders (-1.2%, 0.6%)
• 28-Jan 0830 Cap Goods Orders Nondef Ex Air (0.4%, 0.3%), ship (0.3%, 0.2%)
• 28-Jan 0900 FHFA House Price Index MoM (0.4%, 0.3%)
• 28-Jan 0900 S&P CoreLogic CS 20-City MoM (0.32%, 0.30%)
• 28-Jan 0930 Dallas Fed Services Activity (9.6, --)
• 28-Jan 1000 Conf. Board Consumer Confidence (104.7, 105.7)
• 28-Jan 1000 Richmond Fed Mfg Index (-10, -12)
• 28-Jan 1130 US Tsy $30B 2Y FRN, $85B 42D CMB auctions
• 28-Jan 1300 US Tsy 44B 7Y note auction

A new survey from AP-NORC finds that “Majorities [of US adults] believe that corruption, inefficiency, and red tape are major problems within the federal government.”

• AP: “Republicans are more likely to believe corruption, inefficiency, red tape, and defiant civil servants are all major problems within the federal government. However, many Democrats and independents also consider government corruption and inefficiency as major problems... Even with those concerns about government operations, most people think the government is spending too little in key areas such as education, social security, Medicare, Medicaid, assistance to the poor, or border security.”
• The survey suggests that Americans are largely supportive of the core mission of Elon Musk's Department of Government Efficiency. However, Americans may be less inclined to support President Donald Trump's broader overhaul of the federal workforce.

Figure 1: Problems with Federal Government, % US Adults

Source: AP-NORC

• Ontario Premier Doug Ford plans to call an election for Feb. 27, arguing he needs a mandate to tackle the threat of U.S. tariffs. He's also shown unease since the Liberals brought in a new leader.
• Donald Trump delayed his threat of a 25% tariff to Feb. 1 or later, pulling back from earlier signals he would do so upon taking office.
• Prime Minister Justin Trudeau will resign March 24 to allow for a Liberal leadership race. Mark Carney gains momentum over Chrystia Freeland in the decision set for March 9, grabbing cabinet minister endorsements while Freeland struggles to define her record in CBC interview.
• Trudeau has suspended Parliamentary business until his March 24 resignation, short-circuiting opposition parties who intended to force a snap election when the legislature had been due to open Jan. 27.
• Foreign interference inquiry report due for release Tuesday, unclear if any current lawmakers will be revealed.
• Polling aggregator 338Canada shows Conservatives likely to win majority government if election were held now.