1) Federal Open Market Committee (FOMC) meeting on September 21st & 22nd, where the committee will continue to weigh whether it should buy fewer bonds—or if it should continue to hold off on tapering those purchases until the economy is on firmer footing. For months now, market observers have been waiting with bated breath for the day Federal Reserve Chair Jerome Powell will announce such a move. The August jobs report indicated a fast recovery was not in the cards. On top of that, inflation has come in higher than the Fed’s target rate for much of the year. Pressure continues to mount on the Fed from all sides of the market to reverse parts of the emergency actions it implemented in March of last year. While few expect tapering of stimulus to commence immediately, investors are hopeful to get some clarity on when Powell believes such a move will begin.
2) Chinese property giant Evergrande is on the brink of collapse, and analysts warn the potential fallout could have far-reaching implications that spill outside China’s borders. Evergrande’s collapse could be the biggest test that China’s financial system has faced in years. After expanding rapidly for years and snapping up assets as China’s economy boomed, Evergrande is now snowed under a crushing debt of $300 billion. The world’s most indebted property developer has been scrambling to pay its suppliers, and warned investors twice in as many weeks that it could default on its debts.
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