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Top Overnight News

Democrats won’t pass the remaining DHS funding unless their demands to reform ICE are met, House Minority Leader Hakeem Jeffries told CNN. BBG

Kevin Warsh’s call for a new Fed-Treasury accord has stirred debate in the $30 trillion bond market, raising concerns over central bank independence and potential market volatility. BBG

Chinese regulators have advised financial institutions to rein in their holdings of US Treasuries, citing concerns over concentration risks and market volatility. BBG

Japanese stocks swept to all-time peaks while super-long bonds quickly reversed early weakness in an apparent vote of confidence in Prime Minister Sanae Takaichi's "responsible, proactive" fiscal policy. BBG

Treasury Secretary Scott Bessent cited Chinese traders as a reason behind last week’s wild swings in the gold market. He said “They’re having to tighten margin requirements. So gold looks to me kind of like a classical, speculative blowoff.” Bessent expects the Federal Reserve to move cautiously in any effort to trim its balance sheet, and to take at least a year to decide what to do. RTRS

Thailand’s ruling party clinched a surprise election win over the pro-democracy People’s Party. PM Anutin Charnvirakul’s victory marks the first this century for a party aligned with the royalist establishment. Thai stocks and currency rose. BBG

UK PM Keir Starmer is battling to save his premiership after the dramatic resignation on Sunday of his most trusted aide Morgan McSweeney, as Labour MPs and officials warn that his job is still in grave peril. FT

The ECB’s Gediminas Simkus said there’s an equal chance that policymakers’ next move will be to raise or lower borrowing costs. BBG

Big Tech’s AI push and data center building being financed by some of the world’s biggest companies in the AI boom is becoming one of the most momentous capital efforts in US history (as a percentage of GDP). It’s bigger than the railroad expansion of the 1850s, the Apollo space program that put astronauts on the moon in the 1960s and the decadeslong build-out of the U.S. interstate highway system that ended in the 1970s. WSJ

Trump posted "Record Stock Market, and National Security, driven by our Great TARIFFS. I am predicting 100,000 on the DOW by the end of my Term. REMEMBER, TRUMP WAS RIGHT ABOUT EVERYTHING! I hope the United States Supreme Court is watching".

https://x.com/zerohedge/status/2020847627936452992