Good morning. US stock futures ticked higher in Tuesday morning trading as investors readied for the start of the Federal Reserve’s September two-day policy meeting.

"There’s very little value added trying to predict where the market is going or guessing whether it’s overpriced or underpriced"

Bill Miller

Top News

US Treasury Secretary: The economy marches on

WHAT: US Treasury Secretary Janet Yellen has pulled out her economic crystal ball and declared there are no recession vibes on the horizon! “I don’t see any signs that the economy is at risk of a downturn” Yellen said during an interview on CNBC, adding that her current concern was failure by Congress to pass legislation to keep the government running.

WHY: Touching on central bank policy, Yellen, the former chair of the Federal Reserve, said the Fed’s moves to raise interest rates had begun to impact the housing market, but consumer spending remained quite robust.

China, EU talk AI, cross-border data flow

WHAT: China and the European Union (EU) got together in Beijing for a high-tech powwow. The main topics of discussion surrounded artificial intelligence and the flow of data across international borders. The discussions, the first of there kind in over three years, come as the EU continues to probe China over electric vehicle subsidies.

WHY: The two parties also discussed other topics including research and innovation, information and communication technology, and safety of products sold online.

Canadian grocery chains unite to stabilize prices

WHAT: Canada’s grocery big shots have jumped on board to help the government tame runaway prices! The country’s Minister of Innovation Francois-Philippe Champagne said after two hours of difficult discussion with the chains “they agreed to support the government in our effort to stabilize prices in Canada”.

WHY: As part of the government’s push to cope with high prices, Prime Minister Justin Trudeau recently announced a tax break designed to boost the construction of new rental apartment buildings and relieve pressure on the Canadian housing market.

In Other News

American firms lose optimism about China

WHAT: Geopolitical drama and an economy that’s slowing down sharply are raining on the parade of US businesses in China! According to the latest American Chamber of Commerce (AmCham) in Shanghai Annual China Business Report, US firms optimistic about the five-year China business outlook fell to 52% — the lowest level since the survey was first published in 1999.

WHY: Companies have been at the center of deteriorating relations between the two countries for several years. China has criticized US efforts to block China’s access to advanced technology, and US firms have expressed concerns about fines, raids, and other actions that make doing business in China risky.

Macy’s preps plans for holiday season hiring

WHAT: Macy’s is decking their halls this season with an additional 38,000 workers the company said, as it gears up for the busy holiday shopping period. This year’s hiring number marks a decline from last year where Macy’s announced it was hiring roughly 41,000 full-time and part-time holiday workers.

WHY: The pace of hiring has slowed at a time when retailers are battling weakening consumer sentiment and increased labor costs even as the US labor market starts to ease.

Where’s the fruit?

WHAT: Starbucks just got slapped with a lawsuit by a federal judge and it’s not because they ran out of pumpkin spice lattes! Turns out some customers were a bit displeased with Starbucks Refresher drinks, claiming they were missing a crucial ingredient — actual fruit.

WHY: In seeking a dismal, Starbucks said the product names described the drinks’ flavor as opposed to their ingredients, and its menu board accurately advertised those flavors.

Key Economic Events

• Tuesday - No Major Economic News

• Wednesday - FOMC Interest Rate Meeting

• Thursday - Philadelphia Fed Index, Initial Jobless Claims (wk end Sep 15)

• Friday - No Major Economic News

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