Stock markets ended last week at record levels after the US Federal Reserve resumed its rate cut cycle. At the beginning of this week, the attention of market participants will be focused on the speeches of the central bank's leadership: Chairman Jerome Powell and the new member of the Board of Governors of the Federal Reserve System Steven Miran, nominated by President Donald Trump, Yahoo Finance writes.

The key macroeconomic event for Wall Street will be the publication of the August Personal Consumption Expenditures (PCE) index, the Fed's preferred inflation indicator. In the U.S. corporate segment, Micron and Costco will report quarterly earnings. In Europe, JD Sports and H&M will publish their financial statements.

On Monday, September 22, new Fed Board of Governors member Stephen Miran is scheduled to speak at the Economic Club of New York and explain why at the regulator's last monetary policy meeting he favored a 0.5 percentage point rate cut, while Chairman Jerome Powell and the other 11 members of the Federal Open Market Committee (FOMC) voted for a 0.25 percentage point cut. Contrary to established practice, Miran did not put the dissenting opinion in writing. He said that in this case it would have turned out to be "too short", and he would have liked to present his position in detail.

The People's Bank of China, as expected, kept interest rates (LPR) at a record low for the fourth consecutive month. The one-year LPR (the benchmark for most corporate and consumer loans) has been at 3% since Ma, while the five-year LPR (which determines mortgage rates) has been at 3.5%.

Firefly Aerospace will release its quarterly earnings.

On Tuesday, September 23, Fed Chairman Jerome Powell will deliver a speech on the economic outlook for 2025 in the U.S. city of Warwick.

S&P Global will publish September values of business activity indices (PMI). The consensus forecast suggests that the PMI for the US manufacturing sector will be 52 points (53 in August), for services - 53.9 points (54.5 in August), writes Barron's.

AutoZone and Micron Technology will report earnings.

On Wednesday, September 24, the U.S. Census Bureau will release new home sales statistics for August. The seasonally adjusted annualized rate is expected to be 650,000 homes sold - the same as July's figures.

The financial statements will be presented by JD Sports.

On Thursday, September 25, the Bureau of Economic Analysis (BEA) releases its final estimate of U.S. GDP for the second quarter. The consensus forecast assumes growth of 3.3% in annualized terms (similar to the previous estimate).

The Census Bureau will release a report on durable goods orders for August. New orders are forecast to decline 0.5% from the previous month (after a 2.8% decline in July).

The U.S. National Association of Realtors will report data on secondary market home sales for August. An annualized sales pace of 3.95 million homes is expected, down slightly from July. The secondary housing segment continues to struggle, remaining at 15-year lows.

Accenture, CarMax, Costco Wholesale, H&M and LPP will disclose quarterly earnings.

On Friday, September 26, the BEA will release the Personal Consumption Expenditures (PCE) price index for August. If the statistical data again indicate the limited impact of duties on inflation, it may be perceived by the market as an additional argument in favor of further interest rate cuts, notes The Wall Street Journal. According to Wall Street's forecast, the indicator is expected to rise 2.7% year-on-year - 0.1 p.p. higher than in July. The Core PCE indicator, which excludes food and energy prices, is expected to be 2.9% - the same as in July.

This article was AI-translated and verified by a human editor

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