Fed Meeting in Focus With Rate Hike Expected
Fed funds futures are pricing in an all-but-certain March rate hike
The marquee event for traders next week is the Federal Open Market Committee's (FOMC) two-day policy setting meeting, with fed funds futures pricing in a nearly 89% chance of a Fed rate hike. Fed Chair Jerome Powell will also be in focus, with the new central bank head participating in his first press conference following the policy announcement. And while fourth-quarter earnings season is winding down, there are a handful of high-profile names left to report, including Dow component Nike Inc (NYSE:NKE) and chipmaker Micron Technology, Inc. (NASDAQ:MU).
Below is a brief list of some key market events scheduled for the upcoming week. All earnings dates listed below are tentative and subject to change. Please check with each company's respective website for official reporting dates.
Amid a bare economic calendar on Monday, March 19, Atlanta Fed President Raphael Bostic will take the mic. Canadian Solar (CSIQ), Lennar (LEN), and Oracle (ORCL) will report earnings.
The two-day FOMC meeting kicks off on Tuesday, March 20. Earnings from Arcadia Biosciences (RKDA), Children's Place (PLCE), and FedEx (FDX) will be released.
Existing home sales and the weekly crude inventories update are due out on Wednesday, March 21. However, all eyes will be on the 2 p.m. ET FOMC policy announcement, and subsequent press conference from new Fed Chair Jerome Powell. Five Below (FIVE) and General Mills (GIS) will step into the earnings confessional.
On Thursday, March 22, weekly jobless claims and Markit's flash composite purchasing managers index (PMI) will be released. Nike (NKE), Accenture (ACN), Micron (MU), Conagra (CAG), Darden Restaurants (DRI), and KB Home (KBH) are on tap to report earnings.
Bostic is slated to speak again on Friday, March 23, ahead of updates on durable goods orders and new home sales. A speech from Minneapolis Fed President Neel Kashkari is also on the calendar. Finish Line (FINL) will round out the week's earnings roster.