US: MNI POLITICAL RISK - US Daily Brief

• MNI: GERMANY AUG FLASH CPI +0.3% M/M (FCST +0.4%); JUL +0.9% M/M
• GERMANY AUG FLASH CPI +7.9% Y/Y (FCST +7.8%); JUL +7.5% Y/Y
• GERMANY AUG FLASH HICP +0.4% M/M (FCST +0.4%); JUL +0.8% M/M
• GERMANY AUG FLASH HICP +8.8% Y/Y (FCST +8.8%); JUL +8.5% Y/Y

US Tsy futures trading firmer, holding near overnight highs after German state CPI results (0.3% MoM vs. 0.4% est, slightly cooling more hawkish ECB policy rhetoric since Fri) lent to bounce off overnight lows. Despite the strong bounce in the short end, yield curves scaling back from Mon's highs, 2s10s -3.296 at 35.785.

• Economic data kicks off at 0900ET:
  • FHFA House Price Index MoM (1.4%, 0.8%); QoQ (4.6%, --)
  • S&P CoreLogic CS 20-City MoM SA (1.32%, 0.75%
  • S&P CoreLogic CS 20-City YoY NSA (20.5%, 19.0%) followed by:
  • Conf. Board Consumer Confidence (95.7, 97.4) at 1000ET
  • JOLTS Job Openings (10.698M, 10.300M), 1000ET
• Fed Speak:
• Richmond Fed Barkin eco-outlook, Huntington Regional CoC conf 0800ET
• NY Fed Williams economic outlook at 1100ET, WSJ event
  
  
• Geopol: Several items to keep an eye on:
  • New COVID Lockdown Imposed Around Beijing As CCP National Congress Nears;
  • Russia Foreign Ministry Spox-Baltics Have Taken 'Russophobic' Approach: Comments from the Russian Foreign Ministry stating that it believes Estonia, Latvia, and Lithuania have taken a 'Russophobic' approach to their foreign policy;
  • Iraqi Gov't-Political Unrest Not Hitting Oil Exports: The Iraqi capital Baghdad has seen significant political unrest emerge over the past 24 hours following annc by influential politician and Shia Muslim cleric Moqtada al-Sadr that he would be retiring from the political stage.