Five Things You Need to Know to Start Your Day

It’s Fed decision day, Evergrande fears ease, and debt ceiling standoff intensifies.

The Federal Reserve isn’t expected to unfurl its much heralded taper announcement today, but the meeting is seen as a chance for Chair Jerome Powell to lay the groundwork for a decision to slow asset purchases in November. The statement, which includes updated projections for interest rates, is at 2:00 p.m. Eastern Time and will be followed by a press conference with Powell 30 minutes later. His task of convincing investors that the time might be coming to start withdrawing stimulus is made more difficult by the myriad risks facing the global economy. Markets, and Powell of course, are also waiting to see if President Joe Biden nominates him for another four-year term as Chair.