Key Economic Events: An Overview of Factory Orders, Jobless Claims, and Consumer Credit
September 3, 2023
Economic Events of the Week
The forthcoming holiday-trimmed week is teed up to introduce a chain of pivotal economic events. Anticipated releases include factory orders, initial jobless claims, and consumer credit. These reports will draw significant attention towards the Federal Reserve, and its spotlight is forecasted to gleam even brighter as multiple FOMC speakers have scheduled speeches. In addition, the unveiling of the Federal Reserve’s Beige Book for September is also on the agenda, with a detailed breakdown by analysts to follow.
Fed Interest Rate Analysis
As per the moment of this article’s publication, the CME FedWatch tool points to a 6% chance of a 25-point interest rate hike at the upcoming Fed meeting slated for September 19-20. Conversely, trading on the fed funds contract implies a roughly “35% likelihood of a hike ranging from 25 to 50 basis points”. Such a rise could transpire either prior to or during the November assembly.
The Energy Market and the OPEC+ Deal
The energy market might undergo a substantial disturbance once the specifics of Russia’s new OPEC+ supply cut agreement become public. This declaration holds the potential to shake up the sector considerably.
Upcoming Corporate Events
The corporate calendar for the approaching week is chock-full. Highlighted events encompass the Goldman Sachs Communacopia Technology Conference, Roblox’s (NYSE:RBLX) developer conference, Citi Global Technology Conference, Barclays Global Consumer Staples Conference, and Intuit’s (NASDAQ:INTU) Innovation Day.
Companies to Watch
Numerous companies are forecasted to release their earnings reports in the forthcoming week, with Kroger (KR) and DocuSign (DOCU) being among the most noteworthy. The analysis of their fiscal performance is certainly going to draw a considerable amount of interest from investors and market observers.