Monetary policy will be in focus this week, as the Federal Reserve and other major central banks announce interest-rate decisions. Purchasing managers’ indexes, housing data, and Instacart’s highly anticipated initial public offering will be other highlights.
On Tuesday, the parent company of online grocery-delivery service Instacart is expected to begin trading under the ticker CART. The IPO comes a week after that of chip-designer Arm Holdings, which was reportedly massively oversubscribed. Finally, S&P Global will release its Manufacturing and Services Purchasing Managers’ Indexes for September on Friday. Both are expected to hold close-to steady with their August levels, with a higher reading for services than manufacturing.
The Federal Open Market Committee announces its monetary-policy decision. Wall Street is nearly unanimous in expecting the FOMC to hold the federal-funds rate steady at 5.25%-5.50%. By year end there is roughly a 40% chance of a quarter of a percentage point rate increase, bringing the federal-funds rate to 5.50%-5.75%, according to the CME FedWatch Tool.
The National Association of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 4.1 million homes sold, 30,000 more than in July. Existing-home sales are near their lowest level of the past decade.
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