At the September meeting, the U.S. Federal Reserve Open Market Committee voted to raise the Fed funds rate by 0.25% to 3.75-4.00%, the first hike in three years. There were no dissents.

On a shortened Labor Day week, economic data included continued rises in both consumer and producer price inflation, driven by August’s spikes in fuel prices. Existing home sales declined, as did consumer sentiment.

Economic data included the employment situation report showing stronger payroll growth than expected, as well as gains in job openings and ISM services, which offset a decline in ISM manufacturing.

Economic data included U.S. GDP seeing minimal revision, but still a slower pace than Q1, gains in personal income and spending, as well as durable goods. On the other hand, new home sales continued to come in weak, while several home price indexes showed minor gains, now below the pace of inflation. Consumer sentiment also remained negative, due to inflation concerns.

Economic data included mixed results for PMI data, with manufacturing down and services up, gains in industrial production, and a decline in housing starts.

Economic data included consumer price inflation that ticked a bit higher, but showed a more promising trend of deceleration, while producer price inflation came in flat, and a bit of a surprise. Retail sales and existing home sales both fell, with the former due to a return to normal from an early high-profile discount day.