Key Events This Week: Trump-Xi Meeting, Fed Speakers, PMIs And Durables
The week brings September PMIs, central-bank decisions, Fed speakers, and a possible Trump-Xi meeting alongside durable-goods data. The releases and policy signals will give markets several near-term tests of global growth, interest-rate expectations, and trade risks.
September’s first purchasing-managers’ indexes across major economies are due Wednesday, offering the earliest broad read on current global growth momentum. The week also includes durable-goods data, further Federal Reserve commentary, and geopolitical developments involving President Donald Trump and Chinese President Xi Jinping.
Policy decisions from the Norges Bank, Riksbank and Swiss National Bank are scheduled for Thursday. Futures markets assign hike probabilities of 62% for Norges Bank, 21% for the Riksbank and 5% for the SNB, setting up distinct policy signals across the three economies.
The calendar links economic activity data with rate-setting decisions and high-level US-China discussions. The PMIs can shape expectations for demand, while Fed speakers and the Nordic and Swiss decisions may affect views on the path of interest rates; a Trump-Xi meeting would add trade and geopolitical considerations.
The main uncertainty is how the separate signals will align. Stronger or weaker PMIs could alter the growth picture, while central-bank decisions and official comments may point in different directions; the Trump-Xi meeting is also a potential source of new policy headlines.
The next checkpoints are Wednesday’s September PMIs and Thursday’s Norges Bank, Riksbank and SNB decisions, followed by the durable-goods release and scheduled Fed commentary. The market response will depend on whether the data and policy language reinforce or contradict current rate expectations.
September PMIs arrive Wednesday before Norges Bank, Riksbank and SNB decisions test rate expectations Thursday.
The setup is driven by a concentrated sequence of growth and policy signals rather than a single company-specific catalyst, with Wednesday’s PMIs followed by three central-bank decisions Thursday. The key condition is whether the data and policy language shift current rate expectations, including futures-implied hike probabilities of 62%, 21% and 5% for Norges Bank, the Riksbank and the SNB.
The events may produce conflicting signals, leaving growth data, central-bank language and Trump-Xi headlines pulling markets in different directions.
CoverageSource: ZeroHedge · Published here MON, SEP 21 · 10:55 AM ET · the only report in this recordHow this is decided →
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A stronger September PMI sequence alongside firm policy signals could reinforce the view that global activity remains resilient and rates may stay higher for longer.
A weak PMI read or softer central-bank stance could challenge the growth and rate assumptions embedded in the week’s positioning.
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