POWER: Iberdrola, Air Liquide Sign PPA in Spain

• President Donald Trump may unveil a new “reciprocal” tariff regime at an executive order signing session at 14:30 ET 19:30 GMT.
• Nations likely to be struck hardest by tariffs are jockeying for preferential treatment — promising concessions, highlighting areas of mutual benefit, or pledging retaliatory measures.  
• House Speaker Mike Johnson (R-LA) is expected to release the final text of his budget resolution as soon as today, the first step towards unlocking the reconciliation process to legislate Trump's agenda.
• Senate Budget Committee Chair Lindsay Graham (R-SC) will mark up his slimmed-down border/energy/defence resolution today.
• 10:00 ET 15:00 GMT: Fed Chair Jerome Powell will deliver testimony to the House Financial Services Committee on the Fed's Semi-Annual Monetary Policy Report.
• The House Oversight Committee’s subcommittee on DOGE will meet today for the first time.
• The Senate Commerce Committee will hold a hearing on Greenland’s ‘geostrategic importance’ to the US.
• The Gaza ceasefire deal appears at risk of collapse after Israeli Prime Minister Benjamin Netanyahu said “intense fighting” would resume in Gaza if Hamas doesn’t return all remaining hostages by Saturday.
• Defense Secretary Pete Hegseth suggested he does not intend to cut the number of US troops stationed in Europe ahead of a critical week of Ukraine diplomacy that will see Treasury Secretary Scott Bessent, Ukraine envoy Steve Witkoff, and VP JD Vance all in the region for key meetings.
• Poll of the Day: Three-quarters of Republicans expect the economy to be better in a year. 

Full article: US DAILY BRIEF

• 4,000 0QJ5 95.43/95.50 2x1 put spds ref 96.03
• 10,000 SFRZ5 95.37/95.50 put spds ref 95.975 to -.97
• 2,000 0QG5 95.81/95.93/96.06 put flys ref 96.01

ERM5 97.875/98.00/98.0625/98.1875c condor, sold at 3.5 in 10k.