This week in buiness: Fed policy meeting, FedEx earnings, home sales
FED WATCH
The Federal Reserve wraps up a two-day rate policy meeting on Wednesday.
Most analysts expect the central bank to maintain rates at current levels. In a bid to cool red-hot post-pandemic inflation, the Fed has raised interest rates 11 times during the past year-and-a-half. The Fed's rate currently sits at a 22-year high of 5.4%.
FEDEX REPORTS
FedEx reports its latest financial results after the bell on Wednesday.
Analysts forecast that the the package delivery company's earnings rose to $3.72 per share on $21.8 billion in sales in the period. In the same period a year ago, FedEx logged profit of $3.44 per share, short of Wall Street expectations. Sales have fallen for four straight quarters and investors will be watching to see if demand continues to decline.
IN SHORT SUPPLY
On Thursday, the National Association of Realtors issues its home sales report for August.
Analysts expect single-family home sales held steady at a seasonally-adjusted annual rate of 4.1 million. In July, sales of previously occupied U.S. homes fell 2.2% from the previous month, to 4.07 million. That's down 16.6% from a year earlier. A lack of supply, elevated interest rates and high home prices have stifled the market.
Existing home sales, in millions, seasonally adjusted annual rate:
March: 4.43
April: 4.29
May: 4.30
June: 4.16
July: 4.07
Aug (est.): 4.10
Source: FactSet
