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Weekend Scan: Fed meets to set rates; Fedex reports quarterly earnings
The top news of the week won't come until Thursday afternoon, when the Federal Reserve will reveal its latest interest rate policy. Until then, market watchers will have the earnings of Fedex to chew on. The air freight company is considered a bellwether of the economy. The Estimize consensus for the fiscal first quarter: $2.46/share, up fro $2.10 a year earlier, on revenues of $12.273 billion, up from $11.7 billion in 2014.
Will they or won't they? The Federal Reserve Board meets on Sep 16-17; Chair Janet Yellen will hold a news conference after the release of the FOMC policy statement at 2:00 p.m. ET. Markets are split on whether the Fed will hike interest rates 25 basis points, the first hike since 2008. The economy is expanding and job formation looks good. But the dollar is strong and China is faltering and various economic data in the U.S. continue to disappoint. What's a central bank to do? The move, if it comes, would pack a powerful psychological punch even though interest rates remain abnormally low.
Germany initiates temporary border controls. The Interior Minister Thomas de Maiziere said migrants couldn't choose their places of refuge and began enforcing border controls with Austria after 13,000 migrants arrived on Saturday. Germany is expecting 800,000 migrants this year. BBC
Flavia Pennetta wins women's grand slam. The Italian player snagged her first Grand Slam and announced her retirement. The No. 26 seed defeated Serena Williams in a stunning upset to advance to the finals. MarketWatch
Died: Moses Malone, NBA Hall of Famer. At the age of 60. Known as "Chairman of the Boards," Malone was a three-time MVP winner. Wall Street Journal (paywall)
You won't believe this:
The secret sex life of a feared al Qaeda operative. Anwar al-Awlaki, the American-born jihadist, preached strict Islam but the FBI caught him again and again patronizing prostitutes. After Osama bin Laden, he was one of the most feared al Qaeda leaders. New York Post
Photo: Brooking Institute