5 COUNTERPARTIES TAKE $797 MLN AT FED REVERSE REPO OP. (PREV $582 MLN, 9 BIDS)

President Donald Trump announced Tuesday that his planned March 31–April 2 trip to Beijing to meet Chinese President Xi Jinping will be postponed by about five to six weeks, citing the ongoing war with Iran as disrupting U.S. foreign policy and delaying efforts to ease tensions with China. Trump said, "We are resetting the meeting … We're working with China. They were fine with it." The delay complicates trade talks on Taiwan, tariffs, rare earths, and agriculture, while the Iran conflict has raised oil prices and threatened Strait of Hormuz shipping.

YIELD ON 2-YEAR JGB FALLS 1.5 BASIS POINTS TO 1.255%