End of Day Summary – 4/21/2025

• Fed’s Goolsbee: still believes rates will be lower in 12-18 months

Bloomberg:  Fed’s Goolsbee Warns Against Curbing Central Bank Independence 

Federal Reserve Bank of Chicago President Austan Goolsbee warned against efforts to curtail the central bank’s independence, days after President Donald Trump expressed his displeasure with Fed Chair Jerome Powell.

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TIPS by Maturity 

Data through 4/09/25

Week over Week Changes by Maturity

• < 2 years:     $11.5 Bn on 4/02/25 to $11.3 Bn on 4/09/25 =  ($0.2 Bn)
• 2 – 6 years:  $8.6 Bn on 4/02/25 to $10.1 Bn on 4/09/25 = $1.5 Bn
• 6 – 11 years: $4.4 Bn on 4/02/25 to $3.4 Bn on 4/09/25 = ($1.0 Bn)
• > 11 years:  $259 Mn on 4/02/25 to $361 Mn on 4/09/25 = $102 Mn

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Upcoming US Treasury Supply

Upcoming Earnings Releases This Week: 

SupplyChainBrain: DHL Halts U.S. Deliveries to Consumers of Packages Worth More than $800

DHL Express is suspending deliveries to the U.S. worth more than $800 because of a “significant increase” in red tape at customs resulting from the introduction of Donald Trump’s new tariff regime. 

OilPrice: China Axes Imports of Most U.S. Commodities in Escalating Trade War 

China slashed its imports of many U.S. energy and agricultural commodities in March amid intensifying trade and tariff tensions with the United States, which are set to further reduce Chinese purchases of American goods this month and in the coming months

ZeroHedge: “Herds Gutted”: Historically Low US Cattle Inventory Drives Beef Prices to New Highs 

America’s declining cattle herd is nothing short of alarming, and some ranchers call it a “national security threat” to the nation’s food supply chain. 

Arbor Data Science: Beef Keeps Getting Pricier 

Bloomberg: From Meat to Grains, Trade War Is a Boon to Brazil and Argentina 

Brazil and Argentina are emerging as early winners in the global trade war that’s upending agricultural markets.