Trump promises American voters five thousand dollars for a Republican midterm win

Trump’s $5,000 Payout Promise, Iran Ready to Escalate War. So I say. Good morning. This is what's going on. Trump says he'll pay American voters $5,000 for a Republican win in the midterms. Iran says it's ready to escalate the war. There's been a muted reaction to both stories in treasuries, but yields are higher. Of course, testing Scott Bassett and the ECB is on tour. It's in Berlin. It's almost certain to deliver another hike. But is that it or is there more to come on. Lots to talk about this morning then guy. Yes. Yields have been higher over a longer period. But looking at what's going on in markets pretty muted response as you say, to what we heard from the president about giving money to American voters. Will that last. Does that reflect the policy itself or is it about doubts that will ever come to pass? European gas futures look like this. We've been over €18 a megawatt hour in the past 24 hours. Does that have more to do with Russia than what's happening in Iran? And this is the picture on European stocks. It was a pretty bleak, bleak day for European stocks yesterday, partly because of that higher gas price, higher energy prices Brent over $100 a barrel in yesterday's session, of course, but European stocks suggesting we should get a little bit of brightness at the start of trade. This morning the countdown to the opening trade starts right now. So the US Treasury Secretary, the US Treasury announcing and outlining the plans, $6 billion. That is the number for the buyback at the long end, triple the original planned number. But bonds sold off yesterday. Treasury yields edged higher. It turns out oil at $100 a barrel. And a president who wants to spend north of $1 trillion to win over votes is more of an impact than a Treasury secretary determined to buy at the long end, even if this doesn't come to pass $5,000 per American citizen. It tells you something about the president's instincts, and that is a factor for the bond. I think that's the most important part of all of this. It's not I. This is highly unlikely to come to pass that other countries have done it and other presidents have done it. Um, it is the fact that he clearly has no interest in bringing down the deficit. Clearly has no interest in bringing debt under control. I think that's the message of the market. Yeah, that's the important instinct, as you say, the important messaging around his thinking that maybe we need to know. Because going back to Scott Besson just weeks ago wasn't we heard from Scott Besson when he initially unveiled these plans to intervene in the bond market, and that there'd be some attempt to bring down the fiscal deficit, there'd be some fiscal action that he'd been charged along with others to do that. But there's been quiet on that front. We haven't heard any more about that. And that's at the end of the day, is the thing that really lifting bond yields at the long end. And so everything that that Scott Besson was talking about, well, the Treasury has been talking about recently about that intervention at