Get ready for a long October. Sure, we still have a few days left in September and the markets continue to move in large swings both up and down. But the fact the next meeting of the FOMC isn't until the very end of next month means we will have to tolerate verbal barrages about what the Fed is doing right and what it is doing wrong, not to mention what the Fed should or should not do when it meets. Throw in the never-ending debate about China and you've got the perfect formula for a choppy and testy October.
Not that she will likely say anything different from what came out of her press conference on Thursday, but Fed Chair Janet Yellen has a speech scheduled for this Thursday to discuss monetary policy.
****** Another report out today on home prices. The FHFA says U.S. home prices rose 0.6 percent in July, up from 0.2 percent in the previous month. Over the past 12 months, home prices nationwide were up 5.8 percent and in the Pacific region prices rose 8.1 percent.
****** Macy's is reporting it will hire 85,000 seasonal workers to get through the coming holiday shopping season. The extra works will be hired between November and January. The number is in line with last year's hiring for the holidays.
****** Speaking of Christmas, it is coming a bit early for 645,000 people in Alaska. The Alaska Permanent Fund, set up to pay a dividend to every man, woman and child who is a permanent resident of the state, will distribute $2,072 to each person on the first day of October. It is the largest payment in the 34-year history of the fund.
****** The new Tesla Model X will hit the streets starting next Tuesday. The company has announced a special event at its plant in Fremont to launch the slick SUV, which comes with a hefty price tag somewhere between $65,000 and $130,000 depending on the features. By the way, the car comes with doors that open upward similar to some older Mercedes sedans, referred to as gull wings. Well, don't use that term when talking about the Tesla X. They call the doors Falcon wings.