Upcoming Earnings

• Tuesday, Sep. 23
  • AutoZone (AZO) – before market open
  • Micron (MU) – after market close
• Wednesday, Sep. 24
  • Cintas (CTAS) – before market open
  • KB Home (KBH) after market close
• Thursday, Sep. 25
  • Accenture (ACN) – before market open
  • CarMax (KMX) – before market open
  • Costco (COST) – after market close
  • BlackBerry (BB) – after market close
• Friday, Sep. 26
  • FactSet (FDS) – before market open
  • Darden Restaurants (DRI) – before market open
  • FedEx (FDX) – after market close

Economic Data (times are in Eastern Daylight Timezone)

• Monday, Sep. 22
  • 8:30 a.m. – Chicago Fed National Activity Index for Aug.
• Tuesday, Sep. 23
  • 9 a.m. – FHFA House Price Index for Jul.
  • 9:45 a.m. – S&P Global Flash PMIs for Sep. manufacturing, services, composite
• Wednesday, Sep. 24
  • 10 a.m. – New Home Sales for Aug.
• Thursday, Sep. 25
  • 8:30 a.m. – Initial Jobless Claims, Department of Labor
  • 8:30 a.m. – Durable Goods Orders for Aug.
  • 8:30 a.m. – GDP, third and final reading for Q2’25
• Friday, Sep. 26
  • 8:30 a.m. – Personal Income and Outlays for Aug., including PCE
  • 10 a.m. – University of Michigan Consumer Sentiment for Sep.

Fed Speakers

• Tuesday, Sep. 23
  • Chair Jay Powell at Brookings midday
• Wednesday, Sep. 24
  • Governor Miran
• Thursday, Sep. 25
  • Vice Chair Barr
  • Governor Bowman
• Friday, Sep. 26
  • Governor Bowman (virtual)

Upcoming Conferences

• UN General Assembly High-Level Week in New York Sep 22 to Sep 29
• Climate Week NYC Sep 21 to Sep 28
• Air, Space and Cyber Conference Sep 22 to Sep 24 in National Harbor. Policy headlines and defense commentary can move single names and baskets. 

Other Macro Catalysts

• Treasury bill auctions: 2-year Tues., 5-year Wed., 7-year Thurs. at 1 p.m. EDT.
• Government funding deadline approaches on Sep. 30. Supply, issuance optics and fiscal headlines can tug at rates and multiples.

Why This Week Matters

The Fed cut 25 basis-points on Sep. 17 to a 4-4.25% range. Powell framed it as risk management with a near-unanimous vote and one dissent for a larger move. Markets are already handicapping additional easing into year-end. That puts outsized weight on this week’s inflation and growth reads, along with Fed speakesr out of blackout.

After the cut, the Fed’s path is data dependent. Durable goods and GDP revision update hard-goods momentum. PCE is the policy anchor. Claims and Michigan sentiment help validate or challenge the soft-landing view. With speakers back on the tape and funding talks heating up into Sep. 30, catalysts cluster while indcies hover near highs.