Sept. 8: Obama Talks Jobs/Economy
President Obama is expected to address a joint session of Congress to unveil proposals to create new jobs. However, skeptics worry that Congress will be reluctant to agree to increasing spending.
Meanwhile, the latest government employment report showed that the U.S. economy created no jobs in August, increasing investor fears that the nation may be heading for another recession .
“We’ll get some proposals [from Obama], but whether that’s going to be able to make it through Congress is going to be another question,” said Scott Brown, chief economist at Raymond James. “Washington is broken—we spent so much time bickering about debt crisis, when we should have focused on boosting economy.”
Sept 9: G-7 Finance Ministers & Central Bankers Meet
Treasury Secretary Tim Geithner is expected to attend a G-7 meeting with his international counterparts in Marseille, France to discuss the need for a reinvigorated global effort to support growth, jobs and financial stability.
However, investors have noted that the latest international meetings have achieved less than expected.
“There are talkers and there are do-ers and so far, they’ve only been talking,” said David Marcus, portfolio manager of Evermore. “What comes out of these meetings is so underwhelming that it’s meaningless yet the markets get spun out…the global economy is not going to be cured in one meeting or one announcement.”
Sept 15: Greece Due for More Aid
The debt-ridden nation is due for another round of international aid this month and some economists are hopeful that it will be granted.
"The [next] 10 days are absolutely essential both for [Greece] and the (EU/IMF/ECB) troika in order to work on the data on a technical level and prepare the tables on which the draft budget will be based," Greece’s Finance Minister Evangelos Venizelos said during a news conference.
The EU and the IMF , which launched a 110 billion euro, multi-year bailout of Greece in May 2010, are likely to take further action to avoid cutting Greece off from aid, amid worries over a contagion effect that the euro zone fears will morph from a sovereign debt crisis to a full-blown banking crisis.
Sept 20-21: Fed Meeting
This month’s extended two-day FOMC meeting will be monitored more closely than ever after Ben Bernanke said the Fed is ready to implement additional toolsto support the economy, but stopped short of explicit talk of another round of monetary easing during his speech at the annual Jackson Hole meeting in August.