WEEK UPCOMING

Language as most of us realize to subject to misunderstandings.

If you've ever tried to make what you thought was a simple, innocuous point to your significant other that turned into a you-said-I-didn't-mean-that-but that's-what-it-sounded-like tussle you know what we're talking about.

Well, language will certainly be on the plate of investors this week when the FOMC meets. One of the things investors will be looking for is any hint of a change in the Fed's so-called guidance about interest rates.

Monday, September 15

US Economics (Time Zone: EDT)

08:30 Empire Manufacturing (Sep) - expected 16.00, prior 14.69
09:15 Industrial Production (Aug) - exp 0.3%, prior 0.4%
09:15 Capacity Utilization - exp 79.3%, prior 79.2%
11:00 Fed buying $950M-$1.15b Treasuries in 25 to 30-year range
11:30 Treasury to sell $24b 3-month bills, $23b 6-month bills

Global Economics (Time Zone: GMT)

09:00 EUR Eurozone Trade Balance

Earnings

No reports scheduled

Tuesday, September 16

US Economics (Time Zone: EDT)

08:30 Producer Price Index Final Demand (Aug) YoY - expected 1.8%, prior 1.7%
-- MoM exp 0.0%, prior 0.1%
08:30 PPI Ex Food & Energy YoY - exp 1.8%, prior 1.6%
-- MoM exp 0.1%, prior 0.2%
4:00 Net Long-term TIC Flows - prior -$18.7B
4:00 Total Net TIC Flows - prior -$153.5B
11:00 Fed buying $2b-$2.5b notes in 7 to 10-year range
11:30 Treasury to sell 4-week bills, $25b 52-week bills

Global Economics (Time Zone: GMT)

08:30 GBP CPI & PPI
09:00 EUR German ZEW Economic Sentiment
5:30am BoJ Kuroda speaks in Osaka

Earnings

After
Adobe Systems (ADBE)

Wednesday, September 17

US Economics (Time Zone: EDT)

07:00 MBA Mortgage Purchase Index
08:30 Consumer Price Index YoY (Aug) - expected 1.9%, prior 2.0%
-- MoM - exp 0.0%, prior 0.1%
08:30 CPI Ex Food & Energy YoY - exp 1.9%, prior 1.9%
-- MoM - exp 0.2%, prior 0.1%
10:00 NAHB Housing Market Index (Sep) - exp 56, prior 55
2:00 FOMC Rate Decision
11:00 Fed to buy $350m-$450m TIPS in 5 to 30-year range

Global Economics (Time Zone: GMT)

08:30 GBP BoE Minutes
08:30 GBP Jobless Claims Change
08:30 GBP ILO Unemployment Rate 3M
09:00 EUR Eurozone CPI (Aug final)
2:45pm BoE's Carney speaks to Parliament

Earnings

Before:
Lennar (LEN)
Fedex (FDX)

After:
Pier 1 Imports (PIR)
General Mills (GIS)

Thursday, September 18

US Economics (Time Zone: EDT)

08:30 Initial Jobless Claims - expected 304K, prior 315K
08:30 Continuing Claims - prior 2487K
08:30 Housing Starts (Aug) - exp 1040K, prior 1093K
08:30 Building Permits - exp 1040K, prior 1052K
10:00 Philly Fed - exp 23.0, prior 28.0
12:00 Household Change in Net Worrth (2Q)
11:00 Fed to purchase $250m-$350m Treasuries in 10 to 17-year range
1:00 Treasury selling $13b 10-year TIPS (reopening)

Fedspeak

8:45am Yellen (dove, chair) speaks in Washington

Global Economics (Time Zone: GMT)

NZD GDP
JPY Trade Balance
01:30 CNY China August Property Prices
07:30 CHF SNB Rate Decision
08:30 GBP Retail Sales
7:35am Kuroda speaks in Tokyo

Earnings

Before:
ConAgra (CAG)

After:
Oracle (ORCL)
TIBCO Software (TIBX)

RiteAid (RAD)
RedHat (RHT)

Friday, September 19

US Economics (Time Zone: EDT)

10:00 Leading Index (Aug) - expected 0.4%, prior 0.9%

Global Economics (Time Zone: GMT)

Japan Investors Purchases of Foreign Bonds/Stocks
04:30 JPY All Industry Activity Index (Jul)
06:00 EUR German PPI
12:30 CAD CPI
7:05am BoJ's Kuroda speaks

Earnings

No reports scheduled

Twitter: @MichaelSedacca