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Top Overnight News
Japan’s bond rout intensified as investors gave a thumbs down to Sanae Takaichi’s election pitch to cut taxes on food. The 40-year yield rocketed past 4%, a first for any maturity of the nation’s sovereign debt in more than three decades. BBG
Trump’s big Davos speech tomorrow is set to focus on affordability. He’s expected to outline a proposal to allow 401(k) savings to fund home down-payments and elaborate on plans to ban institutional investors from buying single-family homes, cap credit card rates and intervene in the market for MBS. BBG
Scott Bessent urged calm over Greenland, calling for Europe to honor trade agreements and telling the World Economic Forum in Davos that the idea that Europeans might dump US assets “defies any logic.” BBG
Federal Reserve Chair Jerome Powell plans to attend Wednesday’s Supreme Court hearing over the attempted dismissal of Fed Governor Lisa Cook by President Donald Trump, according to a person familiar with the situation. BBG
US Treasury Secretary Scott Bessent said President Donald Trump could announce his pick for the next Federal Reserve chair as soon as next week. BBG
Trump: "I know who I want to be Fed Chair, will announce sometime".
Senior state planners in China are formulating a five-year plan to lift domestic demand, acknowledging that the world’s second-largest economy currently faces an imbalance between “strong supply and weak demand.” WSJ
China bought about 12 million tons of US soybeans over the past three months, traders said, meeting a key pledge in its trade talks with the US. BBG
President Donald Trump threatened to hit French wines and champagnes with 200% tariffs in an apparent effort to cajole French President Emmanuel Macron into joining his Board of Peace initiative aimed at resolving global conflicts. RTRS
Netflix reached an amended, all-cash agreement to buy Warner Bros. Discovery Inc’s studio and streaming business as it battles Paramount Skydance Corp. to acquire one of Hollywood’s most iconic entertainment companies. BBG
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