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Daily Agenda: The Week Ahead, September 14 – 19, 2015

UN General Assembly holds 70th regular session; Federal Reserve makes policy announcement; Oktoberfest gets underway.

If the week ahead had a theme, it would be liquidity. All eyes in the financial world will be on the Federal Reserve’s policy announcement this coming Thursday that may signal the tightening of money markets in the U.S. after years of unprecedented accommodation. All the while, a Japanese economy facing collateral damage from a slowing economy in China, its neighbor and largest trading partner, may have the Bank of Japan considering more easing to bolster growth and inflation. Starting this Saturday, a different sort of liquidity will be on tap at the beer halls of Munich as Oktoberfest gets underway. With the high volatility that has bedeviled global markets for several weeks, some investors might very much welcome this chance for refreshment.

Monday, September 14: Critical industrial production and fixed investment data out of China will be released in advance of the opening of financial markets there. While consensus forecasts call for a modest increase in production levels, investments are expected to fall as real estate and industrial capacity spending continue to taper as China turns towards internal consumption as a growth driver.

Tuesday, September 15: The United Nations General Assembly convenes for the 70th regular session at the international organization’s headquarters in New York. Among topics that will consume the diplomats in attendance will be the plans for the new monitoring program over the Iranian nuclear program and the humanitarian response to refugees displaced by the Islamic State.

Wednesday, September 16: GOP presidential candidates convene again for the party’s second debate, this time to be held at the Ronald Reagan Presidential Library and Center for Public Affairs in Simi Valley, California. In the run-up to the event, Republican poll leader Donald Trump has been trading increasingly hostile barbs with his fellow candidates, including Jeb Bush and Carly Fiorina.

Thursday, September 17: The September Federal Open Market Committee meeting will be among the most eagerly anticipated in recent memory as investors ponder whether a meltdown in developing markets last month led by China will sway the Fed to hold off on a rate hike. In her semiannual testimony before the House and Senate in July, Fed Chair Janet Yellen took a decidedly hawkish tone, based on improving fundamentals.

Friday, September 18: The Bank of Japan releases monetary policy minutes, following a rate decision from the nation’s central bank on deck for Tuesday. Investors will carefully sift through the notes to search for clues about bank leaders’ view of prospects for the economy. Despite gains in inflation, investment in Japan remains slow-paced, prompting the administration of Prime Minister Shinzo Abe to push to secure the corporate tax incentives promised earlier.

Saturday, September 19: The mayor of Munich taps the first keg of Oktoberfest bier, kicking off the 16-day celebration of Oktoberfest. Dating back to 1810, the annual festival is estimated to bring more than 6 million tourists to the capital of German federal state Bavaria. With the average Oktoberfestbier averaging more than 6 percent alcohol by volume, visitors are advised to pace themselves as they take part in a celebration that traces its roots to the anniversary of Bavarian Crown Prince Ludwig and his wife, Princess Therese of Saxe-Hildburghausen. In 1844, Ludwig’s imposition of a beer tax spurred a series of riots To quell the anger of his people the king decreed a ten percent reduction in price for his subjects’ quaff of choice.

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