US: Trump Confirms Reciprocal Tariff Announcement Will Come At 13:00 ET 18:00GMT
Feb-13 14:04
US President Donald Trump has confirmed on Turth Social that he will unveil his long-promised reciprocal tariffs at 13:00 ET 18:00 GMT. The announcement is in line with expectations.
- Trump: "NEWS CONFERENCE ON RECIPROCAL TARIFFS TODAY, 1:00 P.M., THE OVAL OFFICE. MAKE AMERICA GREAT AGAIN!!!"
- The announcement will come at a now-traditional Oval Office Executive Order signing ceremony and is likely to come with a lengthy interaction with the press.
- Based upon previous tariff announcements, Trump's order signing is likely to be accompanied by a White House press release detailing the implementation of the measures. Primary market focus will be on the precise date of implementation, with Trump's previous announcement of steel and aluminium tariffs delayed by one month, opening the door to negotiations and softening the market reaction.
- Immediately after today's announcement, Trump will meet bilaterally with Indian Prime Minister Narendra Modi. While Modi and Trump have a close strong relationship, India is firmly in the crosshairs of tariffs and Trump's reaction to any concessions offered by Modi, likely relating to defence and energy, may provide a blueprint for other countries to press for concessions.
- Trump and Modi are scheduled to deliver a joint press conference at 17:10 ET 20:10 GMT.
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STIR: Effective Fed Funds Rate
Jan-14 14:00
FRBNY EFFR for prior session:
- Daily Effective Fed Funds Rate: 4.33% (+0.00), volume: $104B
- Daily Overnight Bank Funding Rate: 4.33% (+0.00), volume: $306B
FRANCE: PM Bayrou Set To Speak At 1400GMT/1500CET
Jan-14 13:58
PM Bayrou’s general policy speech can be viewed at this link.
- French media outlets reported earlier today that Bayrou told parliamentary leaders of the gov't parties that he does not intend to announce a suspension of the 2023 pension reforms, instead favouring renegotiation in order to reach an agreement by September 2025.
- The centre-left Socialist Party (PS) has talked up a suspension of the reforms as its price for supporting the gov't in a post-speech censure vote.
- Should Bayrou's middle-ground approach on pension reform fall short of PS demands then it remains to be seen whether the Bayrou gov't can last.
BUNDS: The German 10yr makes an attempt at the July high
Jan-14 13:55
A quick turnaround for Bund, after initially gaining few Ticks on the US PPI miss, the German 10yr Yield is again eyeing a test to the July high of 2.642%, would need a test towards ~130.47, so far just tested a 130.53 low.
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