Allianz chief economic adviser Mohamed El-Erian discusses his outlook for the Fed and the economic recovery and a European banking mega deal.
U.S. equity futures are pointing to a higher open ahead of the Wednesday trading session, which will include the release of new economic forecasts from the Federal Reserve.
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The major futures indexes are suggesting a gain of 0.4% when trading begins.
Investors are awaiting the outcome of the U.S. Federal Reserve policy meeting later Wednesday.
The Federal Reserve’s policymakers are expected to keep the benchmark rate at nearly zero for some time to help the economy recover and will release a statement that economists say might change some of the language around its existing pledge to buy bonds to support markets.
It will be another busy morning ahead for economic data, headlined by the August retail sales report.
The Commerce Department is expected to say retail sales rose 1% for the month of August, down slightly from July’s smaller-than-expected 1.2% rise. If you factor out autos, sales are expected to rise 0.9%, down from a stronger-than-expected increase of 1.9% in July.
The National Association of Homebuilders is out with its sentiment index for September. Watch for it to hold steady at 78. That would tie the record high of 78 in December 1998 and signal that more than three-quarters of the NAHB’s members find conditions good.
Japan’s long-serving prime minister, Shinzo Abe, resigned as of Wednesday and was replaced by his chief cabinet secretary, Yoshihide Suga. Suga has said he intends to push ahead with Abe’s policies and little