This Week's Chart, Next Week's Markets

Argentina, Trump, FOMC, BOJ, [no data]

Next week may open with a bang or a whimper depending on the overnight news from Argentina. A strong showing for President Milei’s party and in mid-term legislative elections could turn the tide in market sentiment and prove Treasury Secretary Scott Bessent right. Polls show his bloc prevailing over the Peronist opposition, but the victory may have to be decisive to restore confidence in the peso.

Otherwise, watch for:

Sunday: President Trump kicks off an Asia trip that will include stops in Malaysia and Japan before a possible Thursday meeting in South Korea with China’s Xi Jinping. Many social media posts seem likely between now and then.

Wednesday: The FOMC will probably offer another 25 bps in interest rate reduction. Anything more (or less) would freak everyone out.

Thursday: The Bank of Japan may not raise rates this time, but all eyes will be on the new government of Prime Minister Sanae Takaichi and how much her spending plans may boost growth - and inflation.

Friday: This will mark 31 days without official U.S. economic data (except for a belated September CPI print that is due today!)