EM CEEMEA CREDIT: GFISJ: Rating affirmation by Moody’s, time to tap primary?

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• The White House issued a memo promising sanctions against law firms engaging in "frivolous" litigation, injecting more uncertainty into US institutions as Democrats warn Trump's actions toward the judiciary risks a constitutional crisis.
• White House officials have suggested that Trump’s ‘Liberation Day’ tariffs could be more targeted than previously signalled.
• House Speaker Mike Johnson (R-LA) and Senate Leader John Thune (R-SD) will meet on Tuesday for a crucial meeting on a compromise budget resolution underpinning Trump's agenda.
• The Bipartisan Policy Center has projected the X Date is likely to come between mid-July and early October, as Republicans remain divided on strategy for raising the debt limit.
• Treasury Secretary Scott Bessent is accelerating a play for more control over banking regulators.
• US and Russian officials will meet in Riyadh today for a round of technical talks towards a maritime ceasefire.
• Senator Steve Daines (R-MT) told Chinese government officials that Beijing must curb the flow of Fentanyl into the United States before trade negotiations can take place.
• Venezuela said it will begin receiving deportation flights again after the two countries struck a deal for Chevron to keep operating in Venezuela.
• A delegation of Trump administration officials is expected to travel to Greenland this week, escalating a diplomatic standoff over the sovereignty of the strategic Arctic territory.
• Chart of the Day: Tracking every Trump tariff and its economic effect

Full Article: US DAILY BRIEF

ERM5 97.75/97.62ps 1x1.5, bought for 2.25 in 4k.

• 18,500 TYK5 112/TYM5 112.5 call spds, 10 net db/June over vs. 110-31.5/0.05%