EQUITIES: Estoxx Put Spread

• Treasury futures extend highs after lower than expected ISM Services data, TYH5 taps 109-25.5 (+19), 10Y yield low of 4.4161%. Technical resistance at 109-31, Dec-18 high.
• BBG US$ index back near lows, 1296.22 (-4.36) last; stocks dip (SPX Eminis -32.00 6031.0; Gold climbs to new all time highs 2874.32 last.

House Speaker Mike Johnson (R-LA) is shortly due to deliver a press conference on the Trump administration's legislative agenda, amid concerns that Senate Republicans could outflank the House on budget reconciliation. LIVESTREAM 

• Dozens of Senate Republicans will travel to Mar-a-Lago on Friday to advocate Trump’s backing of their two-step reconciliation plan, with a border security and energy bill to come first and a tax and spending bill to be addressed later in the year.
• Senate GOP Whip John Barrasso (R-WY) told Axios there's "an urgency to act and act now," after the House postponed a vote in the Budget Committee on a resolution that would have set spending levels for the agenda – a crucial first step to unlocking the reconciliation process.
• Barrasso said he will tell Trump: "It's now, Mr. President. It's time to move. We have this," and will convey that Border czar Tom Homan needs resources to continue a crackdown on illegal immigration.
• Johnson told reporters yesterday: "The Senate will not take the lead," per Politico.
• House Budget Committee Chair Jodey Arrington (R-TX) told reporters: "We're still working on that one big, beautiful bill," per Punchbowl.
• Politico notes that House Majority Leader Steve Scalise (R-LA) said after a House Republican conference meeting yesterday that $1 trillion is a realistic floor for spending cuts in the reconciliation package — a statement seemingly designed to get conservative hardliners on board with the one-bill plan, per Politico.

• MNI: US ISM JAN SERVICES COMPOSITE INDEX 52.8
• US ISM JAN SERVICES BUSINESS INDEX 54.5
• US ISM JAN SERVICES PRICES 60.4
• US ISM JAN SERVICES EMPLOYMENT INDEX 52.3
• US ISM JAN SERVICES NEW ORDERS 51.3