Good morning, CFOs. Bond investors worry the Treasury Department will ramp up issuance of longer-term debt; Canada and Mexico prepare to retaliate over U.S. tariffs; and technology and power companies spark an artificial-intelligence-financing boom on Wall Street.

The prospect of increased borrowing by a second Trump administration has spooked bond investors in recent months. One major concern: how the government will execute that borrowing.

At issue is a strategy pursued by the Treasury Department since late 2023 to lean more on short-term Treasurys to fund the government. Many on Wall Street credit that approach with calming markets buffeted by sticky inflation and a swollen federal budget deficit.

Key members of the Trump administration, however, have expressed hostility to the strategy, characterizing it as a risky effort to juice the economy. Those include freshly confirmed Treasury Secretary Scott Bessent and Stephen Miran, the president’s choice to chair his Council of Economic Advisers.

Investors have generally welcomed Bessent’s appointment, seeing the former hedge-fund manager as a potential moderating influence on President Trump on issues such as deficit spending and tariffs.

Still, some worry that he might ramp up issuance of longer-term debt, or “duration” in Wall Street parlance, putting upward pressure on already elevated U.S. Treasury yields—a key benchmark for borrowing costs throughout the economy. That has raised the stakes for Wednesday’s release of the Treasury’s quarterly borrowing plans.

Monday

• Earnings: Clorox, NXP Semiconductors, Palantir, Tyson
• The Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for January.

Tuesday

• Earnings: Alphabet, Apollo Global Management, Chipotle, Estée Lauder, Mondelez International, PepsiCo, Spotify
• The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey.

Wednesday

• Earnings: Ford Motor, Johnson Controls International, Novo Nordisk, Qualcomm, Stanley Black & Decker, T. Rowe Price Group, Uber
• ADP releases its National Employment Report for January.
• The ISM releases its Services PMI for January.

Thursday

• Earnings: Amazon, Becton Dickinson, Hershey, Hilton Worldwide Holdings, Philip Morris International, Ralph Lauren, Yum! Brands

Friday

• Earnings: Cboe Global Markets, FirstEnergy, Fortive, Kimco Realty
• The BLS releases the jobs report for January.
• The University of Michigan releases its Consumer Sentiment Index for February.

Canada and Mexico prepared to retaliate over tariffs from President Trump, as the U.S. and its neighbors spiraled into a trade war that threatens to hurt American consumers and upend decades of economic integration.

The U.S.’s new 25% tariffs on all goods and 10% duties on energy products will inflict severe damage on America’s neighbors to the north and south. The tariffs risk pushing the U.S.’s top trading partners into recession, as both nations send 80% of their exports to America. The Canadian dollar and the Mexican peso are likely to weaken against the U.S. dollar.

• Tariffs Spark Steep Declines in Stock Futures; Oil and Dollar Climb
• Trump’s Tariffs Usher In New Trade Wars. The Ultimate Goal Remains Unclear.
• Beijing Prepares Its Opening Bid to Talk Trade With Trump

• Artificial-intelligence evangelists such as Sam Altman want to reshape the world, but they need mountains of money to do it. That is sparking a modern-day gold rush on Wall Street.
   
• First Mark Zuckerberg moved Meta’s trust and safety workers to Texas. Now, he is exploring moving his social-media giant’s legal residence to the Lone Star state.
   
• UPS boss Carol Tomé is under pressure to reverse a long slump in the company’s stock price, especially from employees and retirees, who have outsize say under the company’s unique shareholder structure.
   

📰 Other headlines

• Moscow Has $2 Billion Stuck at JPMorgan. The U.S. Isn’t Sure What to Do With It.
• Trump’s Washington Embraces Crypto With Meme Coins and Black-Tie Galas
• No One Knows How to Price AI Tools
• It’s Write-Down Season. Here Are Some Companies That Look Due for Asset Adjustments.
• Manufacturing Towns Hit by the ‘China Shock’ Bounced Back. The Workers Didn’t.

March 5-6, 2025 | New York City

Request an invitation | Participants and program

The Wall Street Journal CFO Network meets at a moment of significant change and unpredictability for businesses. A new administration with bold policy proposals on taxes, tariffs, immigration and more. The ongoing and rapid developments in artificial intelligence, which raise questions about the speed of innovation and return on investment. An uneven U.S. economy, with some consumers still feeling the pinch from inflation. A backlash to corporate ESG and DEI policies, and geopolitical tensions that show little sign of resolution.

Join world-class CFOs, WSJ journalists and prominent figures from finance and economics to discuss and debate these issues, provide recommendations to the new administration and determine how CFOs can filter out the noise to act decisively.

Participants include:

• Stephane Biguet, CFO, SLB
• Karen LoDico, CFO, Morgan Lewis
• Ingmar Ritzenhofen, CFO, RWE Clean Energy
• Robby Starbuck, Filmmaker and Conservative Activist
• Sachi Vora, Global Managing Partner, Financial Officers Practice, Heidrick & Struggles

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Baxter International, a Deerfield, Ill.-based healthcare products company, named Anita Zielinski as chief accounting officer and controller, effective Feb. 21. She was most recently finance chief of U.S. foodservice operations at Sysco, the Houston-based food distribution company.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.