On the surface, this week should remain calm for financial markets.
Earnings season has come and gone, and the economic data calendar is light. A fresh batch of Core PCE data – the Federal Reserve’s preferred measure of inflation – is set to be announced on Friday, with a slow down in the August reading expected. Should that come to fruition, market participants will shift focus to next week’s jobs report for positioning in risk assets in the near term. In pre-market trading, U.S. equities are selling off into the open, as S&P 500 futures are down 0.28%. U.S. Treasuries are largely flat this morning, with rates roughly 1 basis point lower across the curve.
Michael Oravetz
Managing Director, Investment Management Group
| Date | Event | Survey | Actual | Prior | Revised |
| 9/22/2025 | Chicago Fed Nat Activity Index | -0.15 | -0.12 | -0.19 | -0.28 |
| 9/23/2025 | Philadelphia Fed Non-Manufacturing Activity | — | — | -17.5 | — |
| 9/23/2025 | Current Account Balance | -$268.0b | — | -$450.2b | — |
| 9/23/2025 | S&P Global US Manufacturing PMI | 51.9 | — | 53 | — |
| 9/23/2025 | S&P Global US Services PMI | 53.9 | — | 54.5 | — |
| 9/23/2025 | S&P Global US Composite PMI | — | — | 54.6 | — |
| 9/23/2025 | Richmond Fed Manufact. Index | -9 | — | -7 | — |
| 9/23/2025 | Richmond Fed Business Conditions | — | — | 6 | — |
| 9/24/2025 | MBA Mortgage Applications | — | — | 29.70% | — |
| 9/24/2025 | New Home Sales | 650k | — | 652k | — |
| 9/24/2025 | New Home Sales MoM | -0.30% | — | -0.60% | — |
| 9/24/2025 | Building Permits | — | — | 1312k | — |
| 9/24/2025 | Building Permits MoM | — | — | -3.70% | — |
| 9/25/2025 | BEA Releases Annual Update of National Economic Accounts | ||||
| 9/25/2025 | Advance Goods Trade Balance | -$96.0b | — | -$103.6b | -$102.8b |
| 9/25/2025 | Advance Goods Exports MoM SA | — | — | -0.10% | 0.00% |
| 9/25/2025 | Advance Goods Imports MoM SA | — | — | 7.10% | 7.00% |
| 9/25/2025 | Wholesale Inventories MoM | 0.10% | — | 0.10% | — |
| 9/25/2025 | Retail Inventories MoM | 0.20% | — | 0.20% | — |
| 9/25/2025 | GDP Annualized QoQ | 3.30% | — | 3.30% | — |
| 9/25/2025 | Personal Consumption | 1.60% | — | 1.60% | — |
| 9/25/2025 | GDP Price Index | 2.00% | — | 2.00% | — |
| 9/25/2025 | Core PCE Price Index QoQ | 2.50% | — | 2.50% | — |
| 9/25/2025 | Durable Goods Orders | -0.30% | — | -2.80% | — |
| 9/25/2025 | Durables Ex Transportation | -0.20% | — | 1.00% | — |
| 9/25/2025 | Cap Goods Orders Nondef Ex Air | -0.10% | — | 1.10% | — |
| 9/25/2025 | Cap Goods Ship Nondef Ex Air | 0.20% | — | 0.70% | — |
| 9/25/2025 | Initial Jobless Claims | 234k | — | 231k | — |
| 9/25/2025 | Initial Claims 4-Wk Moving Avg | — | — | 240.00k | — |
| 9/25/2025 | Continuing Claims | 1938k | — | 1920k | — |
| 9/25/2025 | Existing Home Sales | 3.96m | — | 4.01m | — |
| 9/25/2025 | Existing Home Sales MoM | -1.40% | — | 2.00% | — |
| 9/25/2025 | Kansas City Fed Manf. Activity | — | — | 1 | — |
| 9/26/2025 | Personal Income | 0.30% | — | 0.40% | — |
| 9/26/2025 | Personal Spending | 0.50% | — | 0.50% | — |
| 9/26/2025 | Real Personal Spending | 0.20% | — | 0.30% | — |
| 9/26/2025 | PCE Price Index MoM | 0.30% | — | 0.20% | — |
| 9/26/2025 | PCE Price Index YoY | 2.70% | — | 2.60% | — |
| 9/26/2025 | Core PCE Price Index MoM | 0.20% | — | 0.30% | — |
| 9/26/2025 | Core PCE Price Index YoY | 2.90% | — | 2.90% | — |
| 9/26/2025 | U. of Mich. Sentiment | 55.4 | — | 55.4 | — |
| 9/26/2025 | U. of Mich. Current Conditions | — | — | 61.2 | — |
| 9/26/2025 | U. of Mich. Expectations | — | — | 51.8 | — |
| 9/26/2025 | U. of Mich. 1 Yr Inflation | — | — | 4.80% | — |
| 9/26/2025 | U. of Mich. 5-10 Yr Inflation | — | — | 3.90% | — |
| 9/26/2025 | Kansas City Fed Services Activity | — | — | 4 | — |
| 9/26/2025 | Bloomberg Sept. United States Economic Survey |
