EM LATAM CREDIT: Republic of Argentina (ARGENT; Caa3pos/CCC/CCC): World Bank

• RES 4: 154.80 High Dec 12 ‘24 and a key resistance     
• RES 3: 152.97 50-day EMA 
• RES 2: 151.47 20-day EMA 
• RES 1: 151.30 High Mar 3
• PRICE: 150.21 @ 16:25 GMT Mar 3 
• SUP 1: 148.57 Low Feb 25 and the bear trigger 
• SUP 2: 148.01 Low Oct 9 ‘24
• SUP 3: 147.22 2.0% 10-dma envelope
• SUP 4: 146.95 61.8% retracement of the Sep 16 ‘24 - Jan 10 bull leg  

A bearish theme in USDJPY remains intact and short-term gains are considered corrective. Support at 148.65, the Dec 3 ‘24 low, has been pierced. A clear break of this level would strengthen the bearish condition and pave the way for a move towards 146.95, a Fibonacci retracement. On the upside, initial firm resistance to watch is 151.47, the 20-day EMA. A break of it would suggest scope for a stronger correction.   

A new YouGov survey has found that, “large shares of Americans favor increasing funding for dozens of government services; very few support cuts.” The survey asked about “spending in 40 areas, and in none of these areas did a majority of Americans support a reduction in spending.”

• YouGov notes: “More than 70% of Americans think federal funding should be increased, either a lot or a little, for each of a half dozen areas: elderly care, veterans services, cybersecurity, health care services, disaster relief, and mental health care services. Majorities also want more funding directed to homelessness services, food assistance, infrastructure, disability assistance, border security, early childhood education, and K-12 education, along with several others.
• “Foreign aid is the only instance in which a share approaching a majority (49%) supports a reduction in federal funding. Around one-third (35%) want to reduce funding for artificial intelligence.”
• The survey comes after Elon Musk reissued his instruction to federal government workers to justify their work or face dismissal, an email that threated to drive a wedge between Musk’s DOGE and some Cabinet officials who advised workers to disregard the email.   

Figure 1: Support for Public Service

• Date $MM Issuer (Priced *, Launch #)
• 03/03 $10B #Synopsys $1B 2Y +60, $1B 3Y +70, $2B 5Y +85, $1.5B 7Y +95, $2.4B 10Y +100, $2.1B 30Y +125 (Largest since Bank of America issued $10B over 5tranches on January 17).
• 03/03 $2.5B #Sumitomo Mitsui $500M 3Y +60, $500M 5Y +75, $1B 5Y SOFR+99, $500M 10Y +90
• 03/03 $2.1B #Duke Energy $00M 2Y +40, $850M 10Y +90, $750M 30Y +110
• 03/03 $2.05B #AM Honda $650M 3Y +65, $400M 3Y SOFR+82, $500M 5Y +85, $500M 10Y +105
• 03/03 $2B #MPLX $1B 10Y +130, $1B 30Y +160
• 03/03 $1.5B #PayPal $450M 3Y +50, $450M 3Y SOFR+67, $600M 10Y +92
• 03/03 $1.25B #Virginia Electric $625M 10Y +100, $625M 30Y +120
• 03/03 $1.25B #Humana $750M 10Y +138, $00M 30Y +160
• 03/03 $1B #Columbia Pipelines $550M 10Y +125, $450M 30Y +148
• 03/03 $1B #Nucor $500M 5Y +70, $500M 10Y +95
• 03/03 $800M #Synchrony Financial 6NC5 +145
• 03/03 $750M #CME Group 5Y +50
• 03/03 $600M #Tampa Electric 10Y +100
• 03/03 $500M *John Deere Capital 3Y SOFR+50
• 03/03 $1B Alumina PtyLtd 5NC2, 7.5NC3