US CREDIT UPDATE: Hasbro (HAS): 3Q25 Results

President Donald Trump suggested in a statement on Truth Social he could cancel a Thursday meeting with Senate Minority Leader Chuck Schumer (D-NY) and House Minority Leader Hakeem Jeffries (D-NY) to discuss the September 30 govt funding deadline, citing various hot-button political issues.

• Trump wrote, "After reviewing the details of the unserious and ridiculous demands being made by the Minority Radical Left Democrats... I have decided that no meeting with their Congressional Leaders could possibly be productive."
• Trump added, keeping the possibility of a meeting open, "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."
• The statement suggests Republicans are closing the door to negotiations that could provide an off-ramp to rhetoric, forcing Schumer to make a decision on shutting down the government when Majority Leader John Thune (R-SD) holds a second vote on the House-passed short-term funding bill next week. As they are pressing for a 'clean' CR, Republicans believe, not without justification, that Democrats will be blamed for a shutdown.
• Polymarket shows the implied probability of a shutdown on October 1 spiked to 70%. Bettors likely see Schumer with few options left to prevent a shutdown without a major capitulation. Unless Thune and Trump make a handshake deal on Dems' demand for Obamacare subsidies extension, the most obvious offramp now is seven Dem senators joining with Republicans to pass the CR.  

In his address to the United Nations, US President Donald Trump lambasts the organisation for "not being there for us" during peace negotiations. Says that the UN "has tremendous potential" but is "not coming close to living up" to this. Trump claims that the UN offers only "Empty words, and empty words don’t solve war."

• Says we "have to get a Gaza ceasefire", but that "Hamas rejects reasonable peace offers." Says recognition of a Palestinian state "would be too great for Hamas". Trump: "Those who want peace should be united behind one message: release the hostages". Trump: "We have to stop the Gaza war immediately".
• On Ukraine, Trump says the war in Ukraine "is not making Russia look good, it's making them look bad". Trump: "The question now is how many more lives are lost on both sides." Criticises Chinese and Indian purchases of Russian O&G, but also NATO countries. Trump: "They're funding a war against themselves...Europe has to step it up...They have to immediately cease energy purchases from Russia".
• Trump says that he is set to talk to European leaders later today to press the issue. Hungarian Peter Szijjarto said on 22 Sep that stopping Russian purchases was a 'nice idea', but "We can’t ensure the safe supply [of energy products] for our country without Russian oil or gas sources,"

The Richmond Fed surveys' inflation subcomponents were somewhat mixed in September, with continued pressures more apparent for manufacturers than for services firms. Note that the Richmond Fed reports its price indices differently from the other regional banks, expressing them in percentage changes over the last / next 12 months.

• Manufacturing prices remained stubbornly high: current prices paid stayed at 7.2% for a second consecutive month (August's was a 27-month high), with prices received picking up sharply to 4.0% - the latter marking a 27-month high (and a potential sign that manufacturers are passing through tariff costs).
• Expected prices paid dipped to 6.0% however from 7.0%, with received up to 5.0% after four months at 4.0%.
• Services price inflation was better-behaved. Current paid dipped to 5.0% from 5.1%, marking a 4-month low, with prices received at a 2-month low 3.7% after August's 3.9% was the highest in over a year.
• Expected prices paid ticked up to 5.2% from 5.0%, though expected received fell to 3.6% from 4.0% for a 3-month low.