Morning from Copenhagen.

All eyes are on NFP later today, which will likely set the tone for both bond yields and the USD for the next week—at least until we get intel on CPI on Wednesday. There are several strong arguments for why we could see an upside surprise in today’s report.

Aside from NFP, we got a few interesting statements from Bessent late yesterday. After signaling an intent to bring down bond yields, he’s now back to saying that the issuance profile of the U.S. Treasury will not change in the foreseeable future and that the strong USD policy remains intact under Trump. This is a notable shift in tone from what we heard from him and Trump over the past week.

Is Trump/Bessent now pivoting on tariffs, suddenly wanting a stronger USD after realizing that the current tariffs may hurt the U.S. economy more than they fix the trade deficit?