FOMC Meeting, BOJ, GOP Debate, U.S. Open: Week Ahead Sept. 12-19

Federal Reserve policy makers meet to decide whether to raise the benchmark U.S. interest rate for the first time since June of 2006.

Retail sales in the U.S., where household spending accounts for about 70 percent of the economy, probably gained in August, while consumer prices are expected to be little changed, data in the coming week will show.

Indonesia, Japan and Switzerland also set monetary policy. The Swiss National Bank gives growth and inflation forecasts.

Republican U.S. presidential candidates face off in California for the second CNN-hosted debate of the 2016 campaign season.

Inditex SA, the world’s largest clothing retailer, releases earnings. FedEx Corp., Oracle Corp. and Toshiba Corp. also report results.

Pope Francis travels to Cuba prior to his U.S. visit.

The U.S. Open, the final grand slam tennis tournament of the year, reaches its climax in New York.


-German Chancellor Angela Merkel delivers remarks at a Christian Democratic Union party conference on the digital economy, a sector in which she says Europe needs to combat the dominance of U.S. Internet companies. 14:00 CET in Berlin (08:00 EDT).

-U.K. opposition vote. The result of the election for the leadership of the main U.K. opposition Labour Party will be released. Polls and wagers predict victory for Jeremy Corbyn, a veteran socialist who former Prime Minister Tony Blair has warned could bring the party to “annihilation.” 11:00 in London (06:00 EDT).

-The Russian, Ukrainian, German and French foreign ministers meet in Berlin for talks on peace in Ukraine. Time to be determined.

-The U.S. Open women’s tennis final is played in Flushing, New York. Noon. Click here for event statistics.

-Floyd Mayweather will seek to defend his WBC and WBA welterweight world titles against Andre Berto at the MGM Grand in Las Vegas, and tie the late Rocky Marciano’s 49-0 boxing record set in 1955. 17:00 (20:00 EDT).


-China’s industrial production growth may have accelerated in August, according to a survey of economists, in a signal that the country’s economic slowdown is bottoming. The nation’s statistics bureau will also announce retail sales and home sales data for the month. 13:30 in Beijing (01:30 EDT).

-Arab central bank chiefs meet in Cairo. Timing to be determined.

-ECONOMY: Israel CPI (Aug.)

-The U.S. Open men’s tennis final is played in Flushing, New York. Noon. Click here for event statistics.

-Major League Baseball’s New York Yankees will celebrate Alex Rodriguez’s 3,000th career hit in a ceremony prior to the team’s home game against the Toronto Blue Jays. Rodriguez hit a home run on June 19 to become the 29th player in baseball history to achieve the milestone.


-U.S. President Barack Obama and Education Secretary Arne Duncan will speak to high school students in Des Moines, Iowa, about higher education costs for middle- and lower-income families. Time to be determined.

-Democratic U.S. presidential candidate Bernie Sanders addresses a convocation at Liberty University in Lynchburg, Virginia. The evangelical Christian school was founded in 1971 by the late Rev. Jerry Falwell, and is where Texas Republican Senator Ted Cruz announced his plans to run for president in March. 10:00.

-The International Atomic Energy Agency holds its annual general conference in Vienna. U.S. Department of Energy Secretary Ernest Moniz and Iran’s top nuclear official Ali Akbar Salehi are among the attendees. Starts daily at 10:00 CET in Vienna (04:00 EDT). Through 09/18.

-Greek election. Campaigning enters its final week before the Sept. 20 election. Alexis Tsipras and Evangelos Meimarakis, the leaders of Greece’s two biggest political parties, face off in the last televised debate before the vote. Time to be determined.

-European Union justice and interior ministers debate proposals for the bloc to take in 160,000 refugees from Syria, Eritrea and Afghanistan. 15:00 CET in Brussels (09:00 EDT).

-The United Auto Workers plans to pick a target for contract negotiations by today, when its current four-year accords end with the major U.S. automakers. Focusing on one -- Ford Motor Co., General Motors Co. or Fiat Chrysler Automobiles NV -- will allow the union to hammer out the best deal it can before trying to make the other two match it.

-Brazil Finance Minister Joaquim Levy is scheduled to speak on the first day of the 12th Economics Forum organized by the Getulio Vargas Foundation. 08:30 in Sao Paulo (07:30 EDT).

-Vale SA Chief Executive Officer Murilo Ferreira and Mining and Energy Minister Eduardo Braga address the four-day Brazil Mining Congress in Belo Horizonte, Brazil. 17:00 (16:00 EDT).

-Russian President Vladimir Putin attends a summit of the Collective Security Treaty Organization in Dushanbe, Tajikistan. The discussion at the two-day meeting with the leaders of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan will focus on the threat posed by terrorist and extremist groups in the region. Times to be determined.

-The Organization of Petroleum Exporting Countries publishes its Monthly Oil Market Report. Timing to be determined in Vienna.

-The U.S. Energy Information Administration releases its Drilling Productivity Report, showing estimates for oil and gas output from the biggest shale formations. 14:00 in Washington.

-U.S. government bond auctions, Fed debt purchases. Click here for schedule.

-U.S. initial public stock offerings. Click here for schedule.

-ECONOMY: Hong Kong industrial production (second quarter), India wholesale price inflation (Aug.), euro-zone industrial production (July), Polish current account and trade (July)

-CENTRAL BANKS: Ghana rate decision, Mozambique rate decision

-EARNINGS: Toshiba Corp.


-The Bank of Japan will announce monetary policy at the end of a two-day meeting in Tokyo. The meeting usually ends at about midday and is typically followed by a press conference with Governor Haruhiko Kuroda at 15:30 in Tokyo (02:30 EDT).

-Retail sales in the U.S. probably gained in August, led by stronger demand for motor vehicles and underscoring sustained consumer spending. The Commerce Department releases the data at 08:30 in Washington.

-U.S. industrial production probably declined in August for the sixth time this year as the nation’s factories battle persistent headwinds, including a stronger dollar and slower economies overseas. The Federal Reserve releases the data at 09:15 in Washington.

-Industry executives and government officials gather in St. Petersburg, Russia, for the 12th International Conference and Exhibition for Oil and Gas Resources Development of the Russian Arctic and CIS Continental Shelf. Through 09/18.

-The city of Los Angeles and U.S. Olympic Committee have until today to submit a formal bid to host the 2024 Olympic Games. Documents released on Aug. 25 put the city’s projected cost of hosting the summer games at about $4.5 billion, with sufficient revenue to generate a $161 million surplus.

-U.S. President Barack Obama hosts King Felipe VI and Queen Letizia of Spain at the White House for a meeting as the royal couple makes a four-day visit to the U.S. Time to be determined.

-The new U.K. Labour Party leader addresses the annual meeting of the Trades Union Congress, a traditional party backer, three days after the election result is released. 10:30 in Brighton, southern England (05:30 EDT).

-Ukrainian lawmakers may vote on the debt-restructuring agreement the government reached with creditors. Timing to be determined.

-Russian Prime Minister Dmitry Medvedev, Economy Minister Alexei Ulyukayev and OAO Sberbank Chief Executive Officer Herman Gref will be among the speakers at a three-day conference in Moscow. Starts at 09:00 (02:00 EDT).

-ECONOMY: Empire State manufacturing (Sept.), U.S. business inventories (July), Canada existing home sales (Aug.), South Africa current-account balance (second quarter), Nigeria CPI (Aug.), Turkey unemployment (June), U.K. inflation (Aug.), German ZEW survey (Sept.), Russia may report industrial production (Aug.), Polish inflation and budget (Aug.), Croatia CPI (Aug.)

-CENTRAL BANKS: Chile rate decision

-EARNINGS: Kingfisher Plc, Prada SpA


-The Federal Open Market Committee begins a two-day meeting in Washington. Economists surveyed by Bloomberg News are divided over whether the U.S. central bank will raise interest rates for the first time since 2006. Trading in Federal Funds Futures as of Sept. 10 implied a 28 percent probability that the Federal Reserve will tighten policy.

-Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein is the featured speaker at the Wall Street Journal’s Viewpoints Executive Leadership Series. 08:00 in New York.

-The U.S. consumer price index was probably little changed in August, restrained by the falling cost of gasoline and indicating limited inflation. The Labor Department issues the data at 08:30 in Washington.

-Citigroup Inc. Chief Financial Officer John Gerspach, Bank of America Corp. CEO Brian Moynihan and JPMorgan Chase & Co. CEO Jamie Dimon are among speakers at the Barclays Global Financial Services Conference. In New York through 09/18.

-German Chancellor Angela Merkel and Norwegian Prime Minister Erna Solberg co-host a Group of Seven Forum for Dialogue with Women. Merkel, Solberg and German Finance Minister Wolfgang Schaeuble also meet separately for talks. Timing to be determined.

-The French government presents its 2016 budget at a cabinet meeting hosted by President Francois Hollande in Paris. 10:00 CET (04:00 EDT).

-U.S. Senators Elizabeth Warren and David Vitter speak at a Cato Institute and Americans for Financial Reform policy forum, “Reforming the Federal Reserve’s Rescue Authority.” 11:30 in Washington.

-Charter Communications Inc. CEO Tom Rutledge, Time Warner Inc. CEO Jeffrey Bewkes and Verizon Communications Inc. CEO Lowell McAdam are among scheduled participants in the Goldman Sachs Communacopia Conference. In New York through 09/18.

-Allergan Plc Chief Executive Officer Brent Saunders, CVS Health Corp. CEO Larry Merlo and Boston Scientific Corp. CEO Mike Mahoney are among scheduled participants in the Morgan Stanley Global Healthcare Conference. In New York through 09/17.

-Republican U.S. presidential candidates meet in the second CNN-hosted debate of the 2016 campaign season. The cable news network on Sept. 1 revised its criteria for participation to include any candidate ranking in the top 10 in polling between Aug. 6 and Sept. 10. Broadcast from the Ronald Reagan Presidential Library in Simi Valley, California. 17:00 (20:00 EDT).

-The U.S. Energy Information Administration releases its U.S. oil inventory report. 10:30 in Washington.

-ECONOMY: MBA U.S. mortgage applications (weekly), NAHB U.S. housing market index (Sept.), U.S. net foreign securities purchases (July), Brazil retail sales (July), Canada factory sales (July), South Africa retail sales (July), euro-area inflation (Aug.), U.K. unemployment reports (July and Aug.), Czech PPI (Aug.), Polish wages (Aug.), Russian weekly CPI

-EARNINGS: FedEx Corp., Oracle Corp., Inditex SA.


-Federal Reserve officials set monetary policy, with economists split over what they’ll decide and federal funds futures trading as of Sept. 10 implying a 28 percent probability the U.S. central bank will raise interest rates for the first time since

2006. 14:00 in Washington, followed by a press conference with Fed Chair Janet Yellen at 14:30.

-Swiss National Bank quarterly policy assessment. The central bank’s policy rates are expected to stay unchanged, including the deposit rate at a record low of minus 0.75 percent. The SNB will also issue new growth and inflation forecasts. 09:30 CET in Zurich (03:30 EDT).

-U.S. new-home construction probably declined in August after reaching the highest level in almost eight years. A projected gain in August building permits indicates housing starts will remain elevated in coming months, economists forecast a report from the Commerce Department will show. 08:30 in Washington.

-JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon is interviewed by Chuck Todd, of NBC News’ “Meet the Press,” at a luncheon sponsored by the Detroit Economic Club. 12:30 EDT.

-Japanese Finance Minister Taro Aso and Bank of Japan Governor Haruhiko Kuroda will speak at the Japan Security Dealers Association’s annual meeting. 15:00 in Tokyo (02:00 EDT).

-German Chancellor Angela Merkel delivers the opening remarks at the Frankfurt Auto Show. The ceremony starts at 10:00 CET in Frankfurt (04:00 EDT). Click here for a show preview.

-U.S. Securities and Exchange Commission member Michael Piwowar and BATS Global Markets Inc. Chief Executive Officer Christopher Concannon are among speakers on Georgetown University’s “Financial Markets Quality” panel, sponsored by the Center for Financial Markets and Policy at the McDonough School of Business. Starts at 09:00 in Washington.

-The U.S. Energy Information Administration releases its natural gas inventory report. 10:30 in Washington.

-U.S. Commodity Futures Trading Commission member Sharon Bowen will be among the speakers at the International Swaps and Derivatives Association’s Annual North America Conference. Click here for agenda.

-Russian central bank Governor Elvira Nabiullina, Deputy Governor Sergey Shvetsov and OAO Sberbank CEO Herman Gref will speak at a conference on financial technology in Kazan, Russia. Timings to be determined.

-Russian Deputy Finance Minister Maxim Oreshkin will be among the speakers at a Fitch Ratings conference on the Russian economy and banking industry in Moscow. 09:30 (02:30 GMT).

-Canada debate. Prime Minister and Conservative Party leader Stephen Harper, the New Democratic Party’s Thomas Mulcair and Liberal Party leader Justin Trudeau participate in The Globe and Mail Leaders’ Debate ahead of the country’s Oct. 19 election. 18:00 (20:00 EDT) in Calgary.

-ECONOMY: U.S. initial jobless claims (weekly), Bloomberg Consumer Comfort Index (weekly), U.S. current account balance (second quarter), Philadelphia Fed manufacturing (Sept.), Hong Kong unemployment (Aug.), New Zealand GDP (second quarter), Japan trade (Aug.), Israel GDP (second quarter), U.K. retail sales (Aug.), Russian disposable incomes, wages, retail sales and unemployment (Aug.), Polish industrial output, producer prices and retail sales (Aug.)

-CENTRAL BANKS: Indonesia rate decision, Egypt rate decision

-EARNINGS: Adobe Systems Inc., Jefferies Group LLC.


-China’s statistics bureau will announce August property prices. July home prices rose in more cities than they fell in for the first time in 16 months as authorities removed some property curbs and interest rates fell. 09:30 in Beijing (09/17 21:30 EDT).

-A forbearance agreement between the Puerto Rico Electric Power Authority and its creditors, which keeps debt-restructuring negotiations out of court, expires unless the parties agree to extend the deadline.

-People’s Bank of China Chief Economist Ma Jun and Jin Zhongxia, China’s representative to the International Monetary Fund, speak at an event titled “Renminbi Internationalization in Volatile Markets” at the Atlantic Council in Washington. 09:30.

-Baker Hughes rig count for oil and gas rigs in the U.S. 13:00 EDT.

-German Deputy Finance Minister Jens Spahn and Defense Minister Ursula von der Leyen speak at the Alfred Herrhausen Society policy conference. Starts at 09:50 CET in Berlin (03:50 EDT).

-ECONOMY: U.S. leading economic indicators (Aug.), U.S. household net worth (second quarter), Argentina GDP (second quarter), Canada CPI (Aug.), Russian producer prices (Aug.), Ukrainian industrial production (Aug.)

-CENTRAL BANKS: Reserve Bank of Australia Governor Glenn Stevens’s semi-annual testimony before a parliamentary committee, BOJ Minutes

-SOVEREIGN RATING UPDATES: Bahrain (Moody’s), Finland (Fitch), France (Moody’s), Ghana (Fitch), Hungary (S&P), Nigeria (S&P), Portugal (S&P), Qatar (S&P), Republic of Congo (Fitch), Slovenia (Moody’s), Turkey (Fitch), U.K. (Moody’s).

-The Rugby World Cup kicks off with England facing Fiji at Twickenham Stadium in London. The Cup will be played at 13 venues in England through 10/31.


-Pope Francis visits Cuba through Sept. 22, prior to traveling to the U.S. for a meeting with President Barack Obama, speeches before Congress and the United Nations General-Assembly and stops in New York and Philadelphia.

-Federal Reserve Bank of San Francisco President John Williams, a voting member of the FOMC this year, discusses the U.S. economic outlook at the Weill Center in Armonk, New York. 13:30.

-Federal Reserve Bank of St. Louis President James Bullard speaks at the Community Bankers Association of Illinois’s annual convention in Nashville, Tennessee. 14:30 (15:30 EDT).

-The Rugby World Cup continues in England with the following four matches: Tonga vs. Georgia, Ireland vs. Canada, South Africa vs. Japan, and France vs. Italy. Click here for full schedule.