The FOMC is expected to hold interest rates steady on Wednesday. Plus Instacart will IPO on Tuesday and earnings from FedEx, Darden, and more.
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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