Top Overnight News Elon Musk expressed dissatisfaction with Trump’s tax bill, telling CBS it undercut his efforts to slash government spending. BBG Trump posted that he told Canada, which wants to be part of the Golden Dome System, it will cost USD 61bln if they remain a separate nation, but will cost zero if they become our 51st State, while he added "They are considering the offer!" FHFA head Pulte posted on X that Fed Chair Powell should lower interest rates now. Trump posted that he is working on taking Fannie Mae and Freddie Mac public but wants to be clear that the government will keep its implicit guarantees. China’s Huawei pushes for the creation of a domestic chemical firm capable of cutting Western suppliers (like Shin-Etsu, DuPont, and Dow) out of its supply chain as part of a broader initiative to increase technological self-sufficiency. Nikkei China plans to open its commodities markets further by letting foreign investors use FX as collateral for yuan trades. The move aims to boost its pricing power and promote the currency globally. BBG Investor appetite for long-term Japanese government bonds remained sluggish on Wed, with yields on sovereign bonds rising amid persistently soft demand. At an auction for 40y JGBs held Wed, the bid to cover ratio, which measures demand, fell to 2.21, the lowest since July 2024. Nikkei Japan’s MOF (Ministry of Finance) will hold a meeting on June 20 with JGB primary dealers amid speculation the gov’t could dial back ultra-long issuance to reduce upward pressure on yields. Nikkei India has offered “deep” cuts to its important tariffs on a swath of goods in talks with the US, but is seeking to retain its high levies on sensitive agricultural commodities. FT Eurozone inflation expectations over 12 months rose 20bp to +3.1% (the highest level since Feb ’24) and were unchanged over 36 months (at +2.5%) and unchanged over 60 months (at +2.1%). ECB Israel considers whether to proceed with a strike against Iran’s nuclear facilities, leading to increased tensions between Netanyahu and Trump. NYT Fed minutes from the May 6–7 meeting may show rising concern over inflation and unemployment risks and reflect policymakers’ wait-and-see approach. BBG Fed's Williams (voter) said inflation expectations are well anchored and he wants to avoid inflation becoming highly persistent as that could become permanent, while he added that a way to avoid that is to respond relatively strongly when inflation begins to deviate from target and noted they have to be very aware that inflation expectations could shift in ways that could be detrimental.