Watch Treasury Secretary Mnuchin’s Ad Hoc Press Briefing

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Watch Treasury Secretary Mnuchin’s Ad Hoc Press Briefing

In a last-minute announcement, the Treasury Department said early Friday afternoon that Secretary Steven Mnuchin would hold an impromptu press conference.

However, not wanting to front-run President Trump, Mnuchin clarified that the briefing won’t pertain to the talks with Chinese Vice Premier Liu He over a US-China trade deal. Instead, Mnuchin will focus on “an unrelated issue.” Though he will inevitably be asked about reports that a “skinny deal” was reached.

So, what could it be about? It’s possible that Mnuchin plans to address the effort to force the turnover of Trump’s tax returns.

As Michael Every, senior strategist at Rabobank, explained in a Thursday research note, the rumors about a US-China currency accord probably aren’t accurate.

Summary:

  • The US is reportedly weighing a bilateral currency accord with China as part of a trade agreement
  • Our trade scepticism also holds if we focus just on the purported currency accord
  • The US will insist on China committing to a stable or stronger CNY
  • This is unworkable against the current US-China dynamic and economic fundamentals
  • China also knows the lesson of the Plaza Accord very well and is very unlikely to repeat it
  • And how would this even be enforced?

However, as one reporter pointed out…

…Which is interesting, because earlier on Friday, the US sanctioned some businesses and businessmen in South Sudan over corrupt dealings with the government.

Watch Mnuchin live below, beginning at 1:45:


Tyler Durden

Fri, 10/11/2019 – 13:41

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Author: HEDGE

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