US-JAPAN: Trump And Ishiba To Call For "Golden Age" Of Relations - Nikkei
Feb-05 16:44
Nikkei reporting that US President Donald Trump and Japanese Prime Minister Shigeru Ishiba will issu...
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FED: Bank Stocks Up, Swap Spreads Wider With Barr Leaving As VC Supervision
Jan-06 16:43
Michael Barr's resignation as the Fed's Vice Chair for Supervision effective end-February (as opposed to staying on for his full term to Jul 2026) resolves one of the question marks for the Fed leadership coming into this year, with President-elect Trump having been expected to want to replace him (Barr was appointed by Pres Biden in 2022). That's precedented: VC for Supervision Tarullo resigned after Trump's inauguration in 2017 for example. As such Monday's announcement that Barr would leave the position early was unsurprising.
- Another question, however, was whether Barr would stay on as a Governor through the full term to 2032 (In 2017, Tarullo resigned both the VC position and his Governorship). Since Barr has decided to stay on, that means there are no vacancies in the Board of Governors for Trump to fill. So absent any governors resigning, Trump will have to choose one of the existing governors as the next VC for Supervision.
- In this context, Gov Bowman - a Trump appointee in 2018, and with ample experience in banking - appears to be the most likely choice. She has advocated a lighter regulatory approach than her colleagues.
- Following Barr's resignation announcement, banking stocks are up 1.5%, while swap spreads - which had moved increasingly negative over Barr's term - moved wider in anticipation of less stringent regulations on banks' balance sheets (10Y swap +1.5bp to -48.3bp).
FED: US TSY 26W BILL AUCTION: HIGH 4.110%(ALLOT 86.16%)
Jan-06 16:32
- US TSY 26W BILL AUCTION: HIGH 4.110%(ALLOT 86.16%)
- US TSY 26W BILL AUCTION: DEALERS TAKE 21.55% OF COMPETITIVES
- US TSY 26W BILL AUCTION: DIRECTS TAKE 7.98% OF COMPETITIVES
- US TSY 26W BILL AUCTION: INDIRECTS TAKE 70.47% OF COMPETITIVES
- US TSY 26W BILL AUCTION: BID/CVR 3.20
FED: US TSY 13W BILL AUCTION: HIGH 4.205%(ALLOT 83.88%)
Jan-06 16:32
- US TSY 13W BILL AUCTION: HIGH 4.205%(ALLOT 83.88%)
- US TSY 13W BILL AUCTION: DEALERS TAKE 40.40% OF COMPETITIVES
- US TSY 13W BILL AUCTION: DIRECTS TAKE 5.55% OF COMPETITIVES
- US TSY 13W BILL AUCTION: INDIRECTS TAKE 54.06% OF COMPETITIVES
- US TSY 13W BILL AUCTION: BID/CVR 3.01
