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A plan to address power costs from data centers is set to be announced today. Donald Trump will direct the top US grid operator to hold an emergency power auction, forcing tech giants to fund new power plants, according to a White House official. BBG
President Trump was advised that a large-scale strike against Iran was unlikely to make the government fall and could spark a wider conflict, U.S. officials said, and for now will monitor how Tehran handles protesters before deciding on the scope of a potential attack. Still, Trump is expected to order the Pentagon to send an aircraft carrier, the USS Abraham Lincoln, from the South China Sea to the Middle East. WSJ
Bipartisan talks in the Senate about a healthcare deal to extend ACA subsidies are stalling, making an agreement less likely. Politico
US senators are set to meet members of the Danish parliament in Copenhagen today as Denmark and Greenland step up lobbying in an effort to head off Trump’s push to take control of Greenland. BBG
Canada and China reached a wide-ranging agreement to lower trade barriers including a reduction in tariffs for Canadian canola and Chinese EVs. Mark Carney hailed his strategic partnership with Xi Jinping, referencing a “new world order.” BBG
Chinese companies have started discussions about renting computing power at data centers in Southeast Asia and the Middle East to get access to Rubin chips, according to people involved in the talks. That follows companies’ efforts last year to access chips in Nvidia’s Blackwell series. WSJ
Some Bank of Japan policymakers see scope to raise interest rates sooner than markets expect with April a distinct possibility, as a sliding yen risks adding to already broadening inflationary pressure. RTRS
The criminal investigation into Federal Reserve Chair Jerome Powell threatens to upend the contest over whom President Trump will choose to succeed him as it enters its final stretch. Trump has made clear he prizes loyalty in his pick, but the Justice Department probe—which Powell said was part of a pressure campaign to get the Fed to lower interest rates—threatens to make that quality a liability. WSJ
Japanese Finance Minister Katayama said FX intervention is a potential option under the US-Japan agreement and expresses readiness to take decisive action while keeping all options on the table: BBG
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