EM LATAM CREDIT: Falabella: S&P Outlook to Positive

• That was fast - Treasury futures pared recent post-PMI gains slightly then quickly reverse - extend highs after lower than expected JOLTS Quits & Layoffs levels (& priors down-revised), job openings higher (priors up-revised).
• Currently, the Dec'25 10Y trades +6.5 at 112-23 (yld 4.1155% -.0232); Curves mixed: 2s10s -.080 at 51.536, 5s30s +0.963 at 97.773.
• US$ index off lows, Bbg's BBDXY -1.42 at 1200.90.

Delivering his speech to the Labour party conference, Prime Minister Sir Keir Starmer says on the gov'ts fiscal plans and constraints:

• Says, "The tough decisions will keep on coming...It doesn't get easier from here....National renewal takes time. It requires patience as well as courage. I acknowledge the temptation. You can see it all around the world to cast of the constraints to engage in ideological fantasy. But it does not matter if it's unfunded tax cuts or unfunded spending. The results are the same"
• "We need firm and fair decisions to control debt."
• "A Labour party that cannot control spending is a Labour party that cannot govern in our times."
• Says that Chancellor of the Exchequer Rachel Reeves' fiscal rules are "non-negotiable", adding that "This isn’t a game, not a tactic… those rules protect working people, children’s future”.

• MNI: US CONF BOARD CONSUMER CONFIDENCE 94.2 IN SEP V AUG 97.8