What to Watch in the Week Ahead and on Monday, September 16
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ON MONDAY
On the Canadian economic front, factory sales are expected to rise 1.1% in July, after declining 2.1% in the month before.
REST OF THE WEEK
The Federal Open Market Committee is set to begin its two-day meeting on Tuesday and will announce its monetary policy decision on Wednesday, followed by Fed Chair Jerome Powell's news conference. The central bank is expected to lower the target range for the benchmark federal funds rate by 25 basis points to 5%-5.25%.
A plethora of U.S. economic data is on the radar in the coming week. On Tuesday, the Commerce Department's Census Bureau is set to report that retail sales probably dipped 0.2% in August, after jumping 1% in the month prior. The same department, on Wednesday, is scheduled to release housing market data. In August, housing starts likely rose to a seasonally adjusted annual rate of 1.311 million units, from 1.238 million units in July. Meanwhile, building permits probably rose to a rate of 1.410 million units in August, from 1.406 million units in July. National Association of Home Builders (NAHB) data, coming on Thursday, is estimated to show that existing home sales probably fell to a seasonally adjusted annual rate of 3.90 million units in August, from 3.95 million units in July. On the same day, the Department of Labor is likely to report that the number of initial claims for state unemployment benefits remained unchanged at 230,000 for the week ending September 14. On Tuesday, a report from the Federal Reserve is likely to show that industrial production rose 0.2% in August, after declining 0.6% in the previous month. Meanwhile, capacity utilization in August probably inched up to 77.9% from 77.8% in July. On the same day, NAHB/Wells Fargo Housing Market Index, reflecting homebuilder sentiment, is projected to add 1 point in September to land at 40. Philadelphia Federal Reserve's monthly Business Outlook Survey is set for release on Thursday. Business Conditions Index is expected to show a reading of -1.0% in September, from -7.0 in August. Additionally, a report from the Department of Labor on Tuesday could show that business inventories probably rose 0.3% in July, following a similar reading in June.
A couple of Federal Reserve speakers are scheduled to attend events through the week. On Friday, Federal Reserve Bank of Philadelphia President Patrick Harker is expected to speak on "The Federal Reserve: It's More Than Just Interest Rates" before the Tulane University Freeman School of Business Lecture event in New Orleans. On Tuesday, Federal Reserve Bank of Dallas President Lorie Logan is likely to give pre-recorded welcome remarks before the Eleventh District Banking Conference hosted by the Federal Reserve Bank of Dallas.
On Tuesday, a federal judge in Portland, Oregon is scheduled to hear closing arguments in the U.S. Federal Trade Commission's case seeking to block grocery chain Kroger's $24.6 billion deal to buy rival Albertsons.
On Tuesday, the Federal Deposit Insurance Corporation is expected to hold a board meeting to finalize its policy statement on bank mergers, as well as propose new rules for how banks should monitor depository accounts facilitated by third parties like fintechs.
U.S. Steel CEO David Burritt is scheduled to speak to the Detroit Economic Club on Tuesday and will probably address the benefits of the company's proposed $14.9 billion acquisition by Japan's Nippon Steel and the controversy that has ensued, as sources have said U.S. President Biden will seek to block the deal citing national security concerns.
On Wednesday, the U.S. Securities and Exchange Commission is likely to vote on a proposal to reduce the minimum size of price increments for stock price quotations and trading, which is one part of a larger overhaul of the equity market structure unveiled in 2022.
Snapchat owner Snap Inc is expected to host a conference on Tuesday, where it is expected to unveil new augmented reality features for users and developers.
On Friday, Bank of Canada Governor Tiff Macklem is scheduled to address a conference on artificial intelligence in Toronto. Separately, on Thursday, Bank of Canada's external non-executive Deputy Governor Nicolas Vincent is expected to address the Sherbrooke Chamber of Commerce in Quebec City.
Canadian investors will look forward to key Consumer Price Index (CPI) figures from Statistics Canada on Tuesday. CPI is expected to be flat in August, after rising 0.4% in the month before. On an annual basis, CPI inflation likely eased to 2.1% in August, from 2.5% in July. On Friday, data from the same agency is slated to show that retail sales rose 0.6% in July, after dropping 0.3% in the previous month. On the same day, August's producer prices data will also be on the radar. Separately, on Tuesday, the housing starts number for August is due for release.
On the Latin American economic front, Brazil's central bank is scheduled to announce its monetary policy decision on Wednesday. The central bank is expected to raise the Selic benchmark interest rate by 25 bps points to 10.75%. Meanwhile, data on Tuesday is projected to show that the country's inflation, as measured by IGP-10 price index, inched up 0.78% in September, after rising 0.72% in the month before. For Argentina, its statistics agency INDEC is set to release GDP figures for the second quarter on Wednesday. Separately, on Thursday, the country's statistics agency will report second-quarter unemployment rate, while trade balance figures for August will also be on the radar.
Compiled by Malini K; Editing by Vijay Kishore
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