Wall Street’s ‘Hell Week’ with Fed, earnings, jobs data and Treasury funding on deck

Wall Street faces one of the most difficult weeks of the year over the next five days, with investors tackling a host of corporate earnings, three major global central bank rate decisions and a key statement on near-term funding from the U.S. Treasury.

Few are expecting any change to the Fed's benchmark lending rate, which is currently pegged between 5.25% and 5.5%, but with markets now pricing-in more than 1.5% of interest rate cuts over the whole of 2024, focus is expected to fall firmly on Powell's near-term outlook for inflation and the odds of a final move higher into the start of the coming year.

Markets are looking for a headline refunding total of around $114 billion, up from the $103 billion announced in late August, in a move that would take the size of benchmark 10-years auctions to around $41 billion, with long-bond sales rising to $25 billion. With around half of the S&P 500 reporting so far, overall earnings are forecast to rise 4.3% from last year to a share-weighted $478.2 billion, according to LSEG data, before rising another 8.5% over the fourth quarter.

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