Monday Morning Meeting Notes (09/26/2022)

General Info:

• The FOMC voted unanimously to raise rates by 0.75% at its meeting last week, bringing the fed funds rate to a range of 3.00-3.25% o With two meetings left this year (November 2nd and December 14th), the fed funds rate is expected to finish the year at 4.25-4.50%
• The Fed’s Dot Plots shows that officials expect rates to remain elevated through 2023, as noted by the implied December 2023 fed funds rate of 4.625%
• Chair Jerome Powell: “We have got to get inflation behind us. I wish there were a painless way to do that. There isn’t.”
• Fun Fact: When born, kangaroos are the size of a jelly bean (less than two grams). After they’re born, they stay in their mother’s pouch for an additional six months before emerging to greet the world

Monday 09/26:

• Germany IFO Business Climate Index for September

Tuesday 09/27:

• U.S. new home sales for August
• U.S. Conference Board consumer confidence index for September

Wednesday 09/28:

• EIA crude oil inventory report
• U.S. wholesale inventories

Thursday 09/29:

• Shares of Porsche AG start trading in Frankfurt after their spinoff from Volkswagen
• It’s set to be Europe’s largest listing in more than a decade (could be up to $78 billion)
• U.S. initial jobless claims and continuing claims data
• Eurozone economic confidence and consumer confidence data

Friday 09/30:

• Deadline for a shutdown of the U.S. government
• U.S. PCE inflation data for August
• Headline PCE is expected to have increased 0.1% month-over-month (6.0% year-over-year), while Core PCE is expected to have increased 0.5% month-over-month (4.7% year-over-year)
• U.S. personal income and spending data for August
• Japan unemployment, industrial production, retail sales, and consumer confidence
• Eurozone releases preliminary CPI data for September (expected to be 9.7% year-over-year)
• Eurozone unemployment rate for August
• China releases Manufacturing PMI and Services PMI data for September