An address from Fed Vice Chair Clarida.........>

ASIA: An address from Fed Vice Chair Clarida headlines the Asia-Pac docket.

Clarida's most recent address came as part of the "Fed Listens" series. The most

pertinent part for current MonPol touched on the Phillips Curve: "although the

labor market is robust, there is no evidence that rising wages are putting

upward pressure on price inflation." "I myself believe that the range of

plausible estimates of u* extends to 4% & below and includes the current unemp.

rate of 3.7%." "Inflation exp. today do reside in a range I consider consistent

with our price-stability mandate." Earlier in Sep Clarida pointed to MonPol

decisions being conducted on a meeting-by-meeting basis. Fed Funds futures now

price a ~90% chance of a cut this month in the wake of the non-m'fing ISM & a

~50% chance of another 25bp cut in Dec. Fed Chair Powell is due up on Friday,

while the ISM surveys have many pointing to downside risks for Friday's NFPs.

- Aus retail sales, a speech from RBA's Ellis & the RBA's FSR are due. The BoJ

will conduct a round of 5-10 Year Rinban ops. Further afield, the RBI will issue

its latest MonPol decision, with exp. for a 25bp cut to both the repo & reverse

repo rates. Chinese markets remain closed owing to national holidays.