**Key Economic Events This Week: Rate Hike Likely on Wednesday**
This week, pivotal economic updates will converge on Wednesday, September 20, 2023. Investors can expect August retail sales data at 8:30 AM ET, followed by the Federal Reserve’s decision on interest rates and its updated Summary of Economic Projections at 2:00 PM ET, with Lennar’s fiscal Q3 results slated for after markets close. Currently, futures show a 93% probability of a 25 basis point rate hike, marking the first increase since July 2023.
Alongside these events, August housing starts and building permits will be released on Thursday morning, September 21, further informing market sentiment. Recent inflation reports have shown persistent price pressures, with the Personal Consumption Expenditures (PCE) index at 3.7% year-over-year. Notably, if the FOMC proceeds with the hike despite potential dissent from Chair Kevin Warsh, this would be a historic move, as the Fed has never outvoted a sitting chair on monetary policy.
Market analysts are also closely monitoring Lennar’s earnings, which are projected between $1.20 and $1.40 per share, as the homebuilder’s performance may be affected by rising interest rates and housing data trends.
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