EQUITY TECHS: E-MINI S&P: (Z5) Trading Above Support 

U.S. President Trump posts the following to Truth Social Donald J. Trump "After reviewing the details of the unserious and ridiculous demands being made by the Minority Radical Left Democrats in return for their Votes to keep our thriving Country open, I have decided that no meeting with their Congressional Leaders could possibly be productive. They are threatening to shut down the Government of the United States unless they can have over $1 Trillion Dollars in new spending to continue free healthcare for Illegal Aliens (A monumental cost!), force Taxpayers to fund Transgender surgery for minors, have dead people on the Medicaid roles, allow Illegal Alien Criminals to steal Billions of Dollars in American Taxpayer Benefits, try to force our Country to again open our Borders to Criminals and to the World, allow men to play in women’s sports, and essentially create Transgender operations for everybody. These Radical Left Views and Policies is what allowed me to win the Presidential Election, including all seven Swing States, and the Popular Vote, IN A HISTORIC LANDSLIDE. There are consequences to losing Elections but, based on their letter to me, the Democrats haven’t figured that out yet. They are trying to eliminate the popular $50 Billion Dollar Rural and Vulnerable Hospital Fund, which was passed with only Republican Votes, and proudly signed into Law by ME. The Democrats in Congress seem to have totally lost their way. They obviously have no idea what it means to put America First or to MAKE AMERICA GREAT AGAIN! All Congressional Democrats want to do is enact Radical Left Policies that nobody voted for — High Taxes, Open Borders, No Consequences for Violent Criminals, Men in Women’s Sports, Taxpayer funded “TRANSGENDER” surgery, and much more. Few people voted for what they represent, which would lead to the destruction of America. Instead, people voted for COMMON SENSE, and that’s what the Republicans and your President, “DONALD J. TRUMP,” stand for. I look forward to meeting with them if they get serious about the future of our Nation. We must keep the Government open, and legislate like true Patriots rather than hold American Citizens hostage, knowing that they want our now thriving Country closed. I’ll be happy to meet with them if they agree to the Principles in this Letter. They must do their job! Otherwise, it will just be another long and brutal slog through their radicalized quicksand. To the Leaders of the Democrat Party, the ball is in your court. I look forward to meeting with you when you become realistic about the things that our Country stands for. DO THE RIGHT THING!
DONALD J. TRUMP, PRESIDENT OF THE UNITED STATES OF AMERICA"

• MNI: US SEP FLASH MANUF PMI 52.0 (52.2 FCAST, 53.0 AUG)
• US SEP FLASH SERVICES PMI 53.9 (54.0 FCAST, 54.5 AUG)

Activity has been subdued over the past few hours, with little in the way of meaningful macro catalysts noted since the PMI data and soft 30-Year gilt auction during the London morning.

• First resistance holds in gilt futures, as detailed in a recent bullet, while Bund & TY futures have stuck to narrow ranges, despite an uptick in oil and benchmark European equity indices.
• Fedspeak from Governor Bowman & Chicago Fed President Goolsbee has generally leaned a little dovish on net (vs. pre-existing views, see recent bullets for greater detail).
• Activity in Tsy futures remains particularly depleted, even when accounting for the cash market closure in Asia-Pac hours, which was a function of a Japanese holiday.
• Core global FI curves are generally biased flatter on the day.
• U.S. PMI data and comments from Fed Chair Powell highlight the macro calendar during the remainder of the day.
• Note that U.S. President Trump is set to speak at the UNGA, with the White House noting that he will deliver a “major speech touting the renewal of American strength around the world, his historic accomplishments in just eight months, including the ending of seven global wars and conflicts.” See more on that in our political risk team’s daily U.S. briefing: https://media.marketnews.com/MNIPOLRISKUS_Daily230925_080167f664.pdf