The First Slice for Monday, September 16, 2024
This week, all eyes are on the Federal Reserve as it wraps up its September meeting, with many expecting a long-anticipated interest rate cut. After raising rates in 2022 to combat inflation, the Fed has held borrowing costs at their highest in over two decades, ranging from 5.25% to 5.5%. Now, as inflation shows signs of cooling and the labor market softens, a rate cut may finally be on the horizon. Fed Chair Jerome Powell will deliver remarks following the Wednesday announcement, offering insights into the central bank’s future plans for the economy.
In the world of business, several major companies are reporting earnings this week, with FedEx, General Mills, Darden Restaurants, and Lennar leading the pack. FedEx has been on a roll, beating expectations and signaling that its growth streak could extend well into 2025. General Mills, however, faces a tougher challenge. With a “more challenging operating environment,” the maker of household brands like Betty Crocker and Blue Buffalo is looking to bounce back after missing sales targets last quarter.
The housing market is also in the spotlight this week. Data on existing home sales, housing starts, and homebuilder confidence will give investors a deeper look into how the sector is faring. Homebuilder Lennar is set to release its quarterly earnings on Thursday, following a forecast of lower-than-expected construction numbers. As housing demand remains soft, Lennar’s report will offer a glimpse into whether the real estate market is stabilizing or continuing to struggle.
Retail sales data, released on Tuesday, is another big piece of the economic puzzle. Consumer spending makes up about two-thirds of the U.S. economy, and despite shaky forecasts, shoppers have remained resilient. If retail sales show continued strength, it could complicate the Fed’s decisions on future rate cuts. With all this activity, investors are left wondering what direction the economy will take next and how businesses, consumers, and policymakers will respond…………
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