UK Spokeswoman says PM Starmer and US President Trump held a phone call this afternoon, discussed Euro-Atlantic security and agreed on the need to deter an increasingly aggressive Russia in the High North

US Treasury Secretary Bessent says for the first time, the Chinese seem to be getting serious over fentanyl because of IEEPA tariffs; IEEPA tariffs have brought Mexico and Canada to the negotiating table

US Energy Secretary says US can market oil at a better price than Venezuela, via Fox News interview; not going to cut off China; Venezuela oil production could be up 50% in the next 18 months

UK Spokeswoman says PM Starmer and US President Trump held a phone call this afternoon, discussed Euro-Atlantic security and agreed on the need to deter an increasingly aggressive Russia in the High North

US Treasury Secretary Bessent says interest rates remain well above neutral and policy should not be restrictive; models suggest 2.5% to 3.25% for the FFR

NY Fed RRP op demand at USD 3.1bln (prev. 4.6bln) across 7 counterparties (prev. 8)