Good morning. US stock futures rose in Monday morning trading as investors look towards the Federal Reserve’s next policy decision.

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Ralph Seger

Top News

Economists predict Fed rate hike

WHAT: The US Federal Reserve might be gearing up to throw a curveball at investors! According to a survey of leading academic economists polled by the Financial Times, more than 40% said they expected the Federal Reserve to raise rates twice or more from the current benchmark level of 5.25%-5.50%

WHY: The survey, conducted in partnership with the Kent A Clark Center for Global Markets at the University of Chicago Booth School of Business suggests that fully rooting out price pressures and getting inflation back down to 2% will require more prohibitive borrowing costs than market participants currently anticipate.

EU leaders: Time for fiscal reform

WHAT: European Union (EU) finance ministers are trying to undertake quite the financial juggling act! They’re calling for a reform of the bloc’s fiscal rules by the end of 2023, as they look to balance debt cuts and economic growth among EU countries, while guaranteeing equal treatment.

WHY: EU fiscal rules underpin the value of the Euro used by 20 countries and set a limit on budget deficits of 3% of GDP and a public debt limit of 60% of GDP.

Rich nations should pay up in energy transition

WHAT: Brazil’s got a message for the developed world: they’re calling on wealthy nations to pay for the world’s transition to sustainable energy, as developing nations need bolder commitments to make up for their reliance on polluting power sources. “Developing countries cannot finance an energy transition in the mold of Europe and the US” Brazil’s Mines and Energy Minister Alexandre Silveira said in an interview in New York.

WHY: Brazil’s government has been a vocal advocate of having developed nations follow through on their climate financing pledges, which fall short of the trillions of dollars needed to actually prevent global temperatures from rising more than 1.5 degrees Celsius (2.7 degrees Fahrenheit).

In Other News

Turkey lobbies Musk for Tesla plant

WHAT: Turkey’s President Recep Erdogan didn’t mix words when he recently met tech honcho Elon Musk. He asked the Tesla CEO to build a Tesla factory in Turkey at a meeting between both parties in New York City Turkey’s state media reported.

WHY: Tesla in August expressed an interest in building a factory in India that would produce a low-cost electric vehicle. The company currently has six factories and is building a seventh in Mexico.

California spends big to tackle “smash-and-grabs”

WHAT: California has had enough of a petty crime surge gripping the state. Officials from the California Highway Patrol and San Francisco and Los Angeles law enforcement agencies announced the state will spend $267 million to crack down on “smash-and-grab” robberies happening across the state.

WHY: The grants, to be distributed over the next three years, will help local law enforcement agencies create investigative units, increase foot patrol, purchase advance surveillance technology, and crack down on vehicle theft.

So what’s the salary?

WHAT: It’s time for job ads in the Big Apple to spill the salary beans! Thanks to a new law now in effect, employers with at least four workers will be required to disclose salary ranges for any job advertised externally to the public or internally to workers.

WHY: The law, signed by Gov. Kathy Hochul in 2022, also will apply to remote workers who work outside of New York but report to a supervisor, office or worksite based in the State.

Key Economic Events

• Monday - No Major Economics News

• 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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