Hutchison defends NATO's strategic value, rejects 'paper tiger' label, urges more US weapons/intelligence for Ukraine, and calls for Europe to increase defense spending. She criticizes Senate for not supporting Iran negotiations and says housing bill can be negotiated later.
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RUT
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Metals
USD
NATO
6.0
Government Agency
Kay Bailey Hutchison
7.0
Tech selloff noted (Nasdaq down 0.6%); Micron surged 17% but Apple down 5.5% on chip shortage price hikes - mixed signals.
wti
WTI up nearly 2% to $71.76 after ship hit by projectile in Strait of Hormuz; Iran toll system could add $40B/year - supply risk.
yields
No explicit yield view from Hutchison; PCE at 4.1% and 2.1% GDP growth suggest Fed on hold, yields stable near 4.38%.
Secretary General of NATO visited Capitol Hill and White House to shore up US support for the alliance.
Kailey Leinz
Housing bill on ice as president demands election security bill first; Iran talks stalled.
Joe Matthew
Secretary General brought charts to underscore allied financial commitments to defense industrial base.
Kailey Leinz
Kay Bailey Hutchison
NATO is essential for US security against adversaries in Asia-Pacific and Middle East; president was rightly disappointed some allies denied airspace/bases during Iran operations.
G7 was good preparation for NATO summit; alliance is stronger together long-term.
President previously called NATO a 'paper tiger' - did yesterday's meeting save the alliance?
Joe Matthew
Kay Bailey Hutchison
NATO is not a paper tiger; it is a very strong alliance with interoperability, intel sharing, and security value. Troop movements may happen but no abandonment of NATO.
NATO summit with Asia-Pacific partners will strengthen the alliance.
Are there firm deliverables expected from the summit for members or Ukraine?
Kailey Leinz
Kay Bailey Hutchison
Ukraine will be a major topic; president is weary of Russia dangling peace agreements. We need more sanctions on Russia and to help Ukraine end this invasion.
Russia's invasion of sovereign nation must be stopped.
How to end the war - more weapons, intelligence, or current approach?
Joe Matthew
Kay Bailey Hutchison
All of the above - more weapons, intelligence, drones. Ukraine has perfected drones and has right to defend itself.
We should be doing everything possible to help them.
President wants to shift attention to Ukraine after Iran situation resolved; MOU signed but final deal weeks away.
Kailey Leinz
Only so many Patriot systems to go around; Ukraine reaching deeper into Russia with garage-built drones.
President likes to align with winners; tide may be turning.
Joe Matthew
Secretary General said allies have no concerns about Ukraine striking deeper into Russia - Ukraine deserves to defend itself.
Kailey Leinz
Concern about funding for Patriot systems given multiple theaters and supplemental request to Congress.
Kailey Leinz
Kay Bailey Hutchison
Congress has passed Ukraine aid significantly; we need a bigger arsenal. Europe should step up. More sanctions and grip on Russia needed to help Ukraine finish the job.
President has shown frustration with Russia.
President had tough conversation with Senate Republicans on Iran war powers vote and housing bill - is he being fair to Senate Majority Leader?
Joe Matthew
Kay Bailey Hutchison
Worst thing Senate did was show no support for Iran situation during delicate negotiations - short-sighted. Senate and House need to work together; Save America Act is important, housing can be negotiated.