Morning Juice – US Session Prep

Good morning, traders! It’s Tuesday 22nd April

Sentiment
The dollar held near a 16-month low after Trump’s threat to fire Fed’s Powell shook confidence in the US currency the previous day. Most US Treasuries slid, led by shorter maturities, on lingering worries about the Fed’s independence.

The 2-Yr Treasury yield climbs 3 BPS to 3.79%. Markets are pricing a 70% possibility that the Fed will deliver a 25 BPS cut in June, with the risk of two or three more cuts by year end.

Gold pushed past $3,500 an ounce for the first time before paring some gains, amid a flight from US equities, bonds and the dollar.

According to people familiar with the matter, BoJ officials see little need to change their present stance of gradually lifting interest rates for now, despite uncertainties stemming from US tariffs.

Docket
US to sell $69 bln of 2 Yr Notes

Speakers & Events

09:00 ET
Fed’s Jefferson speaks at Economic Mobility Summit. Text expected, no Q&A

09:30 ET
Fed’s Harker Speaks Economic Mobility Summit. No text or Q&A

10:00 ET
ECB’s president Lagarde speaks on CNBC

13:00 ET
ECB’s de Guindos Speaks at MIT/ICADE Finance Club in Madrid

13:40 ET
Fed’s Kashkari speaks in moderated discussion at US Chamber of Commerce Global Summit. No text. Q&A expected

14:30 ET
Fed’s Barkin speaks in fireside chat at RVA Big Dipper Innovation Summit. No text. Q&A expected

16:00 ET
ECB’s Knot speaks at Bretton Woods Committee Annual Spring Summit. Text and Q&A TBD

Earnings
16:10 ET
Tesla Q1 2025 Earnings
Estimates: EPS $0.44, Rev: $21.43B