What to Watch in the Day Ahead - Tuesday, September 17
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The U.S. Federal Reserve will begin its two-day policy meeting that will conclude on Wednesday. The Fed is widely expected to apply an interest-rate cut, its first in four years. The size of the first move and the scale of the overall easing remains open to debate. A looming U.S. election is another complicating factor for global investors and rate-setters looking for a steer from the Fed and pinning hopes on an economic soft landing.
On the U.S. economic front, the Commerce Department's Census Bureau is set to report that retail sales probably dipped 0.2% in August, after jumping 1% in July. Retail sales excluding autos likely rose 0.2% in August, compared to a 0.4% rise in the prior month. Separately, industrial production is expected to have risen 0.2% last month, after falling 0.6% in July. Additionally, capacity utilization in August probably inched up to 77.9% from 77.8% in July. Business inventories for July are expected to rise 0.3%. NAHB/Wells Fargo Housing Market Index, reflecting homebuilder sentiment, is projected to add 1 point in September to land at 40.
Dallas Fed President Lorie Logan is scheduled to give welcome remarks before the Eleventh District Banking Conference hosted by the Federal Reserve Bank of Dallas. (1000/1400)
The Federal Deposit Insurance Corporation is slated 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. He will 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.
Chevron CEO Michael Wirth is due to give keynote address on the first day of the GasTech conference. Global energy executives are convening in Houston for the four-day annual conference on natural gas production, transport and exports. Global prices this year are hurting producers and exports even as overall demand climbs from utilities and chemical makers. Speakers include CEOs of Cheniere, ConocoPhillips, PetroChina and Woodside Energy and senior executives from Engie, Petrobras and Aramco.
Snapchat owner Snap Inc will host a conference, where it is expected to unveil new augmented reality features for users and developers.
Canadian investors will look forward to key Consumer Price Index figures from Statistics Canada. August inflation is expected to be flat, after rising 0.4% in the month before. Annually, inflation likely eased to 2.1% in August from 2.5% in July. Separately, data from the national housing agency is likely to show housing starts fell to 252,200 units in August, compared to 279,500 units in July.
Shareholders of Mexican retailer Grupo Famsa are scheduled to convene at an assembly to vote on dissolving and liquidating the bankrupt firm.
LIVECHAT - REUTERS GLOBAL MARKETS FORUM
Joseph Wang, former senior trader on the Fed's Open Market Trading Desk, discusses the central bank's commitment to price stability and the effect of rate hikes against the risk of overtightening, ahead of the all-important Fed policy meeting. (1000/1400) To join the conversation, email us here
Compiled by Ananya Roy in Bengaluru; Editing by Shreya Biswas
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