US PREVIEW: Flash PMIs Seen Moderating But Scope For Renewed Price Pressures

* S&P Global US flash PMIs for September are released today at 0945ET with Bloomberg consensus looking for some services-led moderation after recent strength: * Manufacturing seen at 53.7 after 53.9 in Aug * Services seen at 55.8 after 56.5 in Aug * Composite seen at 55.3 after 56.0 in Aug * The extent of a resumption of price pressures will also be watched closely though after the full August PMI saw cost inflation at its lowest since Apr 2025 and selling price inflation at its weakest in nine months. This US flash survey should have be able to start capturing the further marked increases in fuel costs with our base case for a collection period from Sep 11-22, even if that may show more clearly in consumer surveys. For more on this, see here: * Regional Fed activity metrics have nearly all softened in September releases so far this month, with only of the six headline indexes improving on the month (Mfg: Empire at 7.6 after 20.6, Philly at 37.8 after 47.4 and Richmond at -2 after 4. Services: Empire at -8.7 after 0.5, Philly at -22.0 after -10.6 and Richmond at -8 after -12). They have however widely seen stronger price components. * European flash PMIs released earlier today were