CONSUMER CYCLICALS: Pandora: tariff impact (x2)

Bundesbank presents debt brake reform proposal - which would allow for extra spending through 2030 conditional on debt ratio:

• Specifically, under the proposal, "the federal and state governments would be able to spend up to a total of EUR 220 billion additionally financed by loans, provided that the debt ratio is below 60%. With a debt ratio of more than 60 percent, this framework would be limited to around 100 billion euros by 2030."
• The proposal "shows a stability-oriented path for higher government investment. It thus presents a concept that supports necessary measures to strengthen infrastructure and defence and at the same time ensures long-term sustainable public finances in line with European requirements. At the same time, it maintains its position that constitutionally secured debt brakes make an indispensable contribution to long-term sustainable public finances."
• A debt brake reform would likely be distinct to the currently discussed one-off defence funds in Germany.
• Link to full pdf here.

• Over 60,000 SFRZ6/SFRZ7 spds at .075 last few minutes.
• Front Dec'25 contract leads volume at over 543k at the moment as front end of strip extends morning rally.

• MNI: US REDBOOK: FEB STORE SALES +6.1% V YR AGO MO
• US REDBOOK: STORE SALES +6.6% WK ENDED MAR 01 V YR AGO WK