ECONOMIC WEEK AHEAD: September 21 - 25

The Federal Reserve raised the federal funds rate (FFR) by 25bps on Wednesday, lifting the target range to 3.75%-4.00%. The vote was unanimous. Fed Chair Kevin Warsh cited stronger growth, insufficient progress on inflation, and rising geopolitical risk as reasons for the move. The Fed's updated projections show inflation not returning fully to target until 2029, while growth and employment forecasts improved. Global bond yields eased a bit.

President Trump hosts Chinese President Xi Jinping in Washington this week, with markets watching for progress on the export-control truce, the countries' new trade and investment boards, and the long-delayed Taiwan arms package. Attention also turns to Fedspeak, with nine officials set to hit the tape. Goolsbee, Williams, Jefferson, Barkin, Barr, Hammack, Paulson, Bowman, and Schmid are all on the calendar.