US Credit Mkt Wk Ahd: Final Week Ahead Fed Media Blackout

     CHICAGO (MNI) - A quick overview of events to keep an eye on in the week

ahead.

     - Political headline watching, ongoing but increasingly discounted by

markets (due to frequency, uncertain severity and or veracity of reports from

media, official releases from White House and/or Twitter).

     - Emerging Market (EM) contagion (US officials say US less prone to

contagion/spill-over), trade war/tariff negotiations ongoing underlying risk-off

support for rates 

     - Data risk, modest calendar ahead after last Friday's August employ data,

key releases are CPI on Thursday, Retail Sales on Friday.

     RBC Capital Markets economists expect CPI to come out "firm" at "0.4% while

the core should post a robust 0.3% advance." Credit Suisse economists, on the

other hand, "expect core CPI to increase by 0.21% in August. Given a difficult

base, the YoY reading would slow to 2.3% from 2.4%."

     - Treasury 3s, 10s, 30s auctions (Tuesday, Wednesday and Thursday

respectively) resumes while corporate supply should be robust but unlikely to

repeat last week's massive jump in issuance, CIGNA 10-tranche jumbo issuance

made up over a third of the $56.9B total issued.

     - Fed speaker, calendar rather light at the moment with Atlanta Federal

Reserve Bank President Raphael Bostic in Georgia on Monday and again on Thursday

in Florida, Fed Board of Governors member Lael Brainard on Wednesday, Fed VC

Randal Quarles testimony to the Senate Baking Committee Thursday.

     Expect short notice on additions as Fed enters media blackout this Friday

at midnight (through September 27). Markets fully anticipating another 25bp hike

at the September 25-26 FOMC. Note, the September FOMC is meeting will be

accompanied by a Summary of Economic Projections and a press conference by the

Chair.

Calendar of next week's market events (prior, estimate): 

- Sep 10 Aug ETI (109.89, --) 1000ET

- Sep 10 Sep NY Fed expectations survey 1100ET

- Sep 10 Atl Fed Pres Bostic, fireside chat Albany CoC, Ga, Q&A 1130ET

- Sep 10 US TSY $48B 13W Bill auction (912796QN2) 1130ET

- Sep 10 US TSY $42B 26W Bill auction (912796RB7) 1130ET

- Sep 10 Jul consumer credit ($10.2b, --) 1500ET

- Sep 10 Aug Treasury Allotments (final) 1500ET

- Sep 11 Aug NFIB Small Business Index (107.9, --) 0600ET

- Sep 11 08-Sep Redbook retail sales m/m (0.8%, --) 0855ET

- Sep 11 Jul wholesale inventories (0.7%, 0.6%) 1000ET

- Sep 11 Jul wholesale sales (-0.1%, --) 1000ET

- Sep 11 Jul JOLTS job openings level (6.662k, --) 1000ET 

- Sep 11 Jul JOLTS quits rate (2.3%, --) 1000ET

- Sep 11 US TSY $26B 52W Bill auction (912796RA9) 1130ET

- Sep 11 US TSY $35B 3Y Note auction (9128285A4) 1300ET

- Sep 12 07-Sep MBA Mortgage Applications (-0.1%, --) 0700ET

- Sep 12 Aug Final Demand PPI (0.0%, 0.2%) 0830ET

- Sep 12 Aug PPI ex. food and energy (0.1%, 0.2%) 0830ET

- Sep 12 Aug PPI ex. food, energy, trade (0.3%, --) 0830ET

- Sep 12 Sep Atlanta Fed inflation (2.1%, --) 1000ET

- Sep 12 07-Sep crude oil stocks ex. SPR w/w 1030ET

- Sep 12 Aug Kansas City Fed LMCI (0.84, --) 1100ET

- Sep 12 Fed Brd of Gov mem Lael Brainard, "Economic and Monetary Policy

Outlook" at Detroit Economic Club Lunch, Detroit, MI, audience Q&A. 1245ET

- Sep 12 US TSY $23B 10Y Note auction (9128284V9) 1300ET

- Sep 12 Federal Reserve Beige Book for upcoming FOMC meeting 1400ET

- Sep 13 08-Sep jobless claims (203k, 209k) 0830ET

- Sep 13 Aug CPI (0.2%, 0.2%) 0830ET

- Sep 13 Aug CPI Ex Food and Energy (0.2%, 0.2%) 0830ET

- Sep 13 09-Sep Bloomberg comfort index 0945ET

- Sep 13 Fed VC Randal Quarles testimony on "Implementation of Economic Growth

Regulatory Relief/Consumer Protec'n Act" Senate Baking Comm, 1000ET

- Sep 13 07-Sep natural gas stocks w/w 1030ET

- Sep 13 Atl Fed Pres Bostic, eco/mon-pol, Ms. Cncl Econ Educ'n, Q&A 1230ET

- Sep 13 US TSY $15B 30Y Note auction (912810SD1) 1300ET

- Sep 13 Aug Treasury budget balance (-$76.9b, -$183.0B) 1400ET

- Sep 13 12-Sep Fed weekly securities holdings 1630ET

- Sep 14 Aug imports price index (0.0%, -0.4%) 0830ET

- Sep 14 Aug exports price index (-0.5%, --) 0830ET

- Sep 14 Aug retail sales (0.5%, 0.5%) 0830ET

- Sep 14 Aug retail sales ex. motor vehicle (0.6%, 0.5%) 0830ET

- Sep 14 Aug retail sales ex. mtr veh, gas (0.6%, --) 0830ET

- Sep 14 Aug industrial production (0.1%, 0.3%) 0915ET

- Sep 14 Aug capacity utilization (78.1%, 78.3%) 0915ET

- Sep 14 Sep Michigan sentiment index (p) (96.2, 96.7) 1000ET

- Sep 14 Jul business inventories (0.1%, 0.5%) 1000ET

- Sep 14 Q3 St. Louis Fed Real GDP Nowcast (+4.33%, --) 1100ET

- Sep 14 Q3 NY Fed GDP Nowcast (+2.2%, --) 1115ET

--MNI Chicago Bureau; tel: +1 312-431-0089; email: bill.sokolis@marketnews.com

--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com

[TOPICS: MTABLE,M$U$$$,M$$FI$,MN$FI$,MN$FX$]