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23 Sept. 2024 Week Ahead: Inflation, Fedspeak & Earnings

September may be nearing its end, but its economic and financial releases are far from over.

The week of 23 September is set to be eventful, with releases ranging from the Fed’s favourite inflation gauge to earnings releases taking place. 

Here’s what you need to know about this upcoming week:

an image of charts and statistics under magnifying glass

Key US Data: PCE, Fedspeak & GDP 

Following an eventful week for the US economy, during which the Federal Reserve cut rates for the first time in four years due to signs of cooling inflation, this week is also crucial for the world’s largest economy.

A plethora of data and events are set to unfold in the US, with Gross Domestic Product (GDP), Personal Consumption Expenditure (PCE), and Fedspeak taking centre stage.

The Q2 GDP reading, due this Thursday, 26 September, will be key to assessing the Fed’s latest decision and determining whether the US economy is robust.

Additionally, the US PCE index, often regarded as the Federal Reserve’s preferred measure of inflation, will be released this Friday, 27 September. This release will be critical for policymakers and market participants alike, providing a clearer picture of the US economic landscape, helping to assess whether the Fed's recent monetary policy decision was justified, and offering insights into potential directions for the Fed's final two meetings of the year on 6-7 November and 17-18 December.

Furthermore, traders and consumers alike may want to keep an eye out for this week’s Fed speeches. At Thursday’s 2024 US Treasury Market Conference, Fed Chairman Jerome Powell’s pre-recorded opening remarks will take place. In that event, other Fed members like Treasury Secretary Janet Yellen, New York Fed President John Williams, Fed Vice Chair Michael Barr, and Securities and Exchange Commission (SEC) Chair Gary Gensler will speak.

Besides the above, speeches from Minneapolis Fed President Neel Kashkari, Boston Fed President Susan Collins, and Atlanta Fed President Raphael Bostic will also take place this week. 

More US Data to Keep in Mind

On Tuesday, we’ll see August's Consumer Confidence Index and July's Case-Shiller Home Price Index. Wednesday brings August's New Home Sales data. Initial Jobless Claims, Durable Goods Orders, and August's Pending Home Sales will be released on Thursday. Finally, the week concludes on Friday with August's Wholesale and Retail Inventories, the International Trade Deficit, and September's Final Consumer Sentiment Index.

Earnings Releases 

On the corporate front, the week ahead features key earnings releases from some of the market’s biggest companies. 

Here are the reports to track this week:

Tuesday, 24 September:

Wednesday, 25 September:

Thursday, 26 September:

How these companies fare and what the reports reveal about their respective sectors are yet to be determined.

Other Releases from Global Economies 

Besides the US, the week ahead is packed with releases from kep economies, with the main ones being as follows:

Monday, 23 September:

  • Eurozone HCOB Manufacturing PMI

  • France HCOB Manufacturing PMI

  • Germany HCOB Manufacturing PMI

  • UK S&P Global Manufacturing PMI

Tuesday, 24 September:

  • Reserve Bank of Australia (RBA) rate decision

Wednesday, 25 September:

  • Sweden’s Sveriges Riksbank rate decision

Thursday, 26 September:

  • Swiss National Bank (SNB) rate decision

Friday, 27 September:

  • France CPI

  • Japan Tokyo CPI

  • Spain CPI and GDP

Keeping track of these reports can also provide helpful insights into the state of the global economies as we near the start of a new month. 

Conclusion

As September comes to a close, the economic landscape remains dynamic. The upcoming week promises key US data releases—GDP, the PCE inflation index, and speeches from the Fed—that could influence policy decisions. Additionally, earnings reports from major corporations will provide insights into sector performance. Internationally, updates from various central banks and economic indicators will shape the global outlook. As we move into October, these developments will be crucial to monitor.

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