The September 5 week is shortened by the Labor Day observance on Monday, but there will still be plenty of room for a sparse data release schedule mainly populated by second-tier indicators.
Still, the calendar is not without its high points, notably the release of the Fed's Beige Book in advance of the next FOMC meeting on September 20-21. There is also a cluster of central bank monetary policy announcements to help set the tone for the upcoming meeting of G7 meetings on Friday and Saturday. The G7 finance ministers and central bankers will meet in Marseille, France.
The G7 has backed away from issuing formal communiqués after this sort of ministerial meeting in order to give more prominence to the sessions of the G20 in the wake of the financial crisis. However, it may elect to make a statement that addresses some of the concerns of financial and foreign exchange markets in light of recent volatility and imbalances.
Prior to the meeting of the G7, there will be routine monetary policy announcements from a number of major central banks. The Reserve Bank of Australia will release its statement in the overnight hours of Monday-Tuesday. The Bank of Canada will make a routine announcement on Wednesday. The Bank of Japan governors hold a two-day session on Wednesday and Thursday. The Bank of England Monetary Policy Committee meets with its decision announced on Thursday. The ECB Governors will also meet on Thursday.
The Fed's Board of Governors should meet on Tuesday at around midday to consider discount rate policy. The Board typically meets for this purpose about two weeks in advance of an FOMC meeting, and again on the Monday before the meeting.
The highlight of the week's data...Read more
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