Fulcrum Perspectives

An interactive blog sharing the Fulcrum team's policy updates and analysis.

Francis Kelly 11/4/25 Francis Kelly 11/4/25

U.S. Financial Regulatory Week Ahead

We’re Into Week Six of the Government Shutdown, OCC Comptroller Gould is Giving Two Interesting Speeches, and, Beyond That, Nothing Really is Going on in Washington…

November 3 - 7, 2025

First, our apologies: We are a day late getting this out due to personal travel. But you really are not missing anything with the federal government shutdown now into week six. The only two major events/issues we would flag are two speeches being given by Comptroller of the Currency Jonathan Gould on the future regulatory landscape. Gould, along with Fed Chair for Supervision Michelle Bowman, is clearly beginning to lay out what is likely to be an ambitious regulatory revamp in the coming year, so it might be wise to listen to what Gould has to say.

And speaking of Vice Chair Bowman, last week it was reported that Bowman is planning to reduce the banking supervision staff by 30 percent by the end of next year. That would bring the supervision and regulation division down to approximately 350 people (it was previously 500+).

Beyond that, there are a number of Fed speeches (nothing unusual here: There are always a number of Fed speeches every week, both from Board members and regional Fed presidents). We would note at the time of this writing, hope seems to be rising a bit that the government shutdown will end by the end of this week. Senate Majority Leader John Thune (R-SD) has told reporters he’s “optimistic.” We hope so!

Below is the full report of all financial regulatory events we could find happening this week. Please let us know if you have any questions.

U.S. Congressional Hearings

U.S. Senate

· The US Senate is in session, but there are no significant committee hearings scheduled. Most have been postponed due to the government shutdown.

House of Representatives

· There are no significant events scheduled at this time as the House remains out of session as long as the federal government is shutdown.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

· Monday, November 3, 2:00 p.m. – Federal Reserve Board Governor Lisa Cook gives a speech on the outlook for the economy and monetary policy at the Brookings Institution in Washington, D.C.

· Tuesday, November 4, 3:30 p.m. (Madrid) – Federal Reserve Board Vice Chair for Supervision ice Chair for Supervision Michelle W. Bowman gives a speech on bank supervision and monetary policy at the 2025 Santander International Banking Conference, Madrid, Spain.

· Thursday, November 6, 3:30 p.m. Federal Reserve Board Governor Christoper Waller gives a speech on central banking and the future of payments at the Bank of Canada 2025 Annual Economic Conference in Ottawa, Canada.

· Thursday, November 6, 9:00 a.m. – Federal Reserve Board Governor Michael Barr participates in a virtual “Community Development" discussion hosted by Fed Communities.

· Thursday, November 6, 10:00 a.m. – New York Federal Reserve Bank President John Williams gives a lecture on “The Natural Rate of Interest" before an event organized by the Goethe University Institute for Monetary and Financial Stability (IMFS).

· Thursday, November 6, 10:00 a.m. – Cleveland Federal Reserve Bank President Beth Hammack speaks before an Economic Club of New York webinar.

· Thursday, November 6, 3:30 p.m. – St. Louis Federal Reserve Bank President Alberto Musalem speaks on the U.S. economy and monetary policy before the Fixed Income Analysts Society, Inc.

· Thursday, November 6, 2:30 p.m. –Philadelphia Federal Reserve Bank President Anna Paulson speaks on “The Federal Reserve Bank of Philadelphia's Consumer Finance Institute" before the “New Perspectives on Consumer Behavior in Credit and Payments Markets Conference 2025" hosted by the Federal Reserve Bank of Philadelphia.

· Friday, November 7, 8:00 a.m. (Frankfurt, Germany) – New York Federal Reserve Bank President John Williams gives a keynote before the ECB Conference on Money Markets 2025, organized by the European Central Bank.

· Friday November 7, 7:00 a.m. – Vice Chair Philip N. Jefferson gives a speech on AI and the Economy at the Euro20+, Frankfurt am Main, Germany.

· Friday, November 7, 3:00 p.m. – Federal Reserve Governor Stephen I. Miran gives a speech on Stablecoins and Monetary Policy at the BCVC Summit 2025, New York, New York.

U.S. Treasury Department

· There are no significant events scheduled at this time.

Department of Commerce

· There are no significant events scheduled at this time.

Department of Housing and Urban Development

· There are no significant events scheduled at this time.

Securities and Exchange Commission

· There are no significant events scheduled at this time.

Commodities Futures Trading Commission

· There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

· There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

· Tuesday, November 4, 10:15 a.m. – Comptroller of the Currency Jonathan Gould will discuss the regulatory landscape for the federal banking system in a fireside chat at The Clearing House Annual Conference in New York.

· Thursday, November 6, 12:00 p.m. – Comptroller of the Currency Jonathan Gould will discuss issues shaping the future of banking and financial services at the Women in Housing & Finance Public Policy Lunch event in Washington, D.C.

The Consumer Financial Protection Bureau

· There are no significant events scheduled at this time.

FINRA

· There are no significant events scheduled at this time.

National Credit Union Administration

· Wednesday, November 5, 1:00 p.m. – The National Credit Union Administration has announced a new date for its public hearing on the staff draft budget for 2026-2027.

Federal Trade Commission & Department of Justice Antitrust Division

· There are no significant events scheduled at this time.

Farm Credit Administration

· There are no significant events scheduled at this time.

Farm Credit System Insurance Corporation

· There are no significant events scheduled at this time.

International Monetary Fund & World Bank

· There are no significant events scheduled at this time.

North American Securities Administrators Association

· There are no significant events scheduled at this time.

Small Business Administration

· There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

· Thursday, November 6, 8:45 a.m. – 4:30 p.m. – The U.S. Chamber of Commerce will host the inaugural housing summit, “Building for Growth: Housing Solutions for a Stronger Economy” in partnership with the National Association of Home Builders at the Chamber’s headquarters in Washington, D.C.

Think Tanks and Other Events

· Wednesday, November 5, 2:00 p.m. – The Brookings Institution will hold an event entitled “Roger Alford on the future of antitrust policy.”

Please let us know if you have any questions or would like to be added to our email distribution list.

Francis Kelly 11/3/25 Francis Kelly 11/3/25

The Global Week Ahead

The U.S. Supreme Court Reviews IEEPA, Trump Hosts the C5+1, The Coalition of the Willing meets in Spain, and Markets Look for Data as the U.S. Government Goes into Week 6 Being Shut Down

November 2 - 9, 2025

In global markets, it is going to be another momentous week as politics collide with economic and financial markets. The U.S. Supreme Court hears oral arguments over the legality of President Trump’s use of the International Economic Emergency Powers Act (IEEPA) – the basis for which the President launched global tariffs on “Liberation Day.” While a final decision is unlikely for several months, markets will likely get a sense of which way the court is leaning based on the questions and comments from the bench during the hearing. To add to the drama, President Trump has said he is likely to attend the hearing in person—a historic move, as no sitting President has ever attended arguments before the Supreme Court in the Court’s 235-year history.

Markets are also nervously watching as tensions between the U.S. and Venezuela continue to rise. There were reports this past week that the Trump Administration has decided to attack military sites in Venezuela, as well as drug cartel operational sites. President Trump has denied the reports. However, US Naval assets continue to grow in the region as an aircraft carrier group arrives to bolster the US presence.

Also this week, President Trump will host the C5+5 Summit, bringing together the leaders of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan at the White House. The meeting is seen as a message to Moscow of the U.S.’s intention to become more engaged in the region. And it is also another move by the U.S. to secure greater access to critical minerals, as well as uranium (of which more than 40 percent of global uranium mining comes from). Also, this week, President Trump will host the Hungarian Prime Minister.

Meanwhile, Spain will host a meeting of the Coalition of the Willing – 35 countries dedicated to assisting Ukraine in defeating Russia. The meeting will focus on ways to raise pressure on Russia to come to the negotiating table (as opposed to simply finding new ways of supplying military aid to Ukraine).

Looking at the global economic and financial radar screen this week, the Bank of England will decide on interest rates this week while the Bank of Japan releases minutes from their last interest rate meeting.

In the U.S., markets will continue to struggle to gather economic data as the U.S. federal government goes into its sixth week of shutdown (and with little chance of an agreement being hammered out in the near term). However, the ISM indices are being published this week – the manufacturing on Monday and the services on Wednesday. And the University of Michigan consumer survey is out on Friday.

In Europe, Germany and France will release trade balance figures this week. And aside from the Bank of England, Sweden’s Riksbank and the Norges Bank meet on interest rates. Plus, European Central Bank President Christine Lagarde gives a speech on Tuesday on the economic outlook.

In Asia, the Reserve Bank of Australia meets on interest rates on Tuesday, and Japan releases wage data on Wednesday.

Also, this week will be another big earnings week, particularly for defense, tech, and pharmaceutical companies, including Palantir, AMD, Qualcomm, ConocoPhillips, BP, Saudi Aramco, AstraZeneca, Novo Nordisk, Rheinmetall, and Leonardo.

Below is the rest of our detailed report of the major geopolitical and geoeconomic events in the coming week:

Sunday, November 2, 2025

Global

· OPEC+ meets virtually.

Americas

Political/Social Events –

· Daylight Savings Time ends in the US.

· Mexico celebrates the Day of the Dead Parade in Mexico City.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Manufacturing Production (August)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Monday, November 3, 2025

Global

· The COP30 UN Climate Change Conference begins in Belem, Brazil through November 21.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Federal Reserve Board Governor Lisa Cook gives a speech on the outlook for the economy and monetary policy at the Brookings Institution in Washington, D.C.

· San Francisco Fed President Mary Daly participates in a moderated conversation at the Forum Club of the Palm Beach.

· Bank of Canada Governor Tiff Macklem attends a fireside chat in Toronto at the Logic Summit.

· Chile IMACEC Economic Activity (September)

· Mexico Business Confidence (October)/ S&P Global Manufacturing PMI (October)/ Foreign Exchange Reserves (October)

· Brazil S&P Global Manufacturing PMI (October)/ BCB Focus Market Readout

· Canada S&P Global Manufacturing PMI (October)/ 2025- 26 Federal Budget released

· USA S&P Global Manufacturing PMI (October)/ ISM Manufacturing PMI (October)/ Total Household Debt Q3/ Fed Daly Speech/ Treasury Refunding Financing Estimates/ Construction Spending (August and September)/ Total Vehicle Sales (October)

· Paraguay Inflation Rate (October)

Asia

Political/Social Events –

· The Hong Kong Monetary Authority will hold its annual financial summit – the Global Financial Leaders’ Investment Summit – until Wednesday. Chinese Vice Premier He Lifeng is expected to address the main summit on Tuesday. BlackRock’s Larry Fink and Citadel’s Ken Griffin will sit for fireside chats.

· The U.S. and South Korean defense ministers will hold their first joint visit in eight years to the Joint Security Area in the Korean Demilitarized Zone.

Economic & Financial Reports/Events

· New Zealand Building Permits (September)

· Australia S&P Global Manufacturing PMI (October)/ Building Permits (September)/ Household Spending (September)/ Private House Approvals (September)/ Commodity Prices (October)/ Cotality Dwelling Prices (October)

· Indonesia S&P Global Manufacturing PMI (October)/ Imports/ Exports/ Balance of Trade (September)/ Inflation Rate (October)/ Tourist Arrivals (September)

· Malaysia S&P Global Manufacturing PMI (October)

· Philippines S&P Global Manufacturing PMI (October)

· South Korea S&P Global Manufacturing PMI (October)

· Taiwan S&P Global Manufacturing PMI (October)

· Thailand S&P Global Manufacturing PMI (October)/ Business Confidence (October)

· Vietnam S&P Global Manufacturing PMI (October)

· China Manufacturing PMI (October)

· India HSBC Manufacturing PMI (October)

· Singapore SIPMM Manufacturing PMI (October)

· Pakistan Inflation Rate (October)/ Wholesale Prices (October)/ Balance of Trade (October)

· Kazakhstan Inflation Rate (October)

Europe

Political/Social Events –

· There will be an informal meeting of EU Culture Ministers through November 4 in Brussels.

· The NATO Operations Research & Analysis Conference takes place in Berlin, Germany.

· Russian Prime Minister Mikhail Mishustin visits China for talks with his counterpart and Xi Jinping.

Economic & Financial Reports/Events –

· European Central Bank Board Member Philip R. Lane gives a lecture at the Technological University Dublin in Dublin, Ireland.

· European Central Bank Governing Council member José Luis Escrivá gives introductory remarks at Convención anual 2025 de la Asociación de Mercados Financieros

· Ireland AIB Manufacturing PMI (October)

· Turkey Inflation Rate (October)/ Istanbul Chamber of Industry Manufacturing PMI (October)/ PPI (October)/ Foreign Exchange Reserves (October/24)

· Switzerland Inflation Rate (October)/ procure.ch Manufacturing PMI (October)

· Hungary HALPIM Manufacturing PMI (October)

· Poland S&P Global Manufacturing PMI (October)

· Spain HCOB Manufacturing PMI (October)/ New Car Sales (October)

· Italy HCOB Manufacturing PMI (October)

· France HCOB Manufacturing PMI (October)

· Germany HCOB Manufacturing PMI (October)

· Euro Area HCOB Manufacturing PMI (October)/ ECB Lane Speech

· Greece S&P Global Manufacturing PMI (October)

· Great Britain S&P Global Manufacturing PMI (October)

Middle East

Political/Social Events –

· China's Vice President Han Zheng to visit Saudi Arabia.

Economic & Financial Reports/Events –

· Jordan PPI (September)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nigeria Stanbic IBTC Bank Nigeria PMI (October)

· South Africa ABSA Manufacturing PMI (October)/ Total New Vehicle Sales (October)

· Egypt Foreign Exchange Reserves (October)/ M2 Money Supply (September)

Tuesday, November 4, 2025

Global

· The UN’s Second World Summit for Social Development will be held from 4 – 6 November.

Americas

Political/Social Events –

· New Jersey and Virginia will hold closely watched gubernatorial elections. And New York will elect a new mayor.

· Canadian Finance Minister François-Philippe Champagne presents the annual federal budget to the House of Commons in Ottawa.

Economic & Financial Reports/Events –

· Federal Reserve Board Vice Chair for Supervision ice Chair for Supervision Michelle W. Bowman gives a speech on bank supervision and monetary policy at the 2025 Santander International Banking Conference, Madrid, Spain.

· Brazil IPC-Fipe Inflation (October)/ Industrial Production (September)

· USA Redbook (November/01)/ RCM/TIPP Economic Optimism Index (November)/ API Crude Oil Stock Change (October/31)/ LMI Logistics Managers Index (October)/ Imports/ Exports/ Balance of Trade (August & September)/ JOLTs Job Openings (September)/ Factory Orders (August & September)/ Factory Orders ex Transportation (August & September)

· Mexico Consumer Confidence (October)

· Colombia Davivienda Manufacturing PMI (October)/ Exports (September)

Asia

Political/Social Events –

· The Global Management Dialogue, a forum organized by Nikkei and Swiss business school IMD, will take place in Tokyo over two days, bringing together business leaders including Foxconn Chairman and CEO Young Liu and Johnson & Johnson Chairman and CEO Joaquin Duato.

Economic & Financial Reports/Events –

· South Korea Inflation Rate (October)

· Japan S&P Global Manufacturing PMI (October)

· Australia RBA Interest Rate Decision/ RBA Press Conference

· India RBI Auction

· New Zealand Global Dairy Trade Price Index (November/04)

Europe

Political/Social Events –

· The EU Environment Council meets in Brussels. Ministers will discuss European climate law and the climate target 2040. They will also determine contribution levels for the UNFCCC.

· Senior political directors from roughly 35 countries in the so-called Coalition of the Willing are set to meet Nov. 4 in Madrid to coordinate assistance for Ukraine.

Economic & Financial Reports/Events –

· European Central Bank President Christine Lagarde Christine Lagarde gives a keynote speech at the Bulgarian National Bank conference "On the Doorstep of the Eurozone" in Sofia, Bulgaria. Later, she participates in a press convergence during the Bulgarian National Bank Conference.

· European Central Bank Governing Council member José Luis Escrivá speaks at Santander International Banking Conference in Madrid.

· ECB Governing Council member Joachim Nagel gives speech on Europe in Berlin, followed by discussion with Economist Editor-in-Chief Zanny Minton Beddoes.

· Romania PPI (September)

· France Budget Balance (September)/ New Car Registrations (October)

· Spain Unemployment Change (October)

· Slovenia Balance of Trade (September)

· Turkey Imports/ Exports/ Balance of Trade (October)

· Italy New Car Registrations (October)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Saudi Arabia Riyad Bank PMI (October)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Egypt S&P Global PMI (October)

Wednesday, November 5, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· The US Supreme Court hears arguments on the legality of about 60% of President Donald Trump’s tariffs.

· President Trump will attend a two-day America Business Forum in Miami, whose attendees will include business, government, sports and entertainment figures.

Economic & Financial Reports/Events –

· Mexico Gross Fixed Investment (August)

· USA MBA Mortgage Market Index (October/31)/ MBA Purchase Index (October/31)/ S&P Global Composite & Services PMI (October)/ ADP Employment Change (October)/ ISM Services PMI (October)/ EIA Crude Oil & Gasoline Stocks Change (October/31)

· Brazil S&P Global Composite & Services PMI (October)/ Interest Rate Decision

· Canada S&P Global Composite & Services PMI (October)

· Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Caroly Rogers will appear before the House of Commons Standing Committee on Finance.

· Uruguay Inflation Rate (October)

· Colombia PPI (October)

Asia

Political/Social Events –

· Shanghai will host the 8th annual China International Import Expo (CIIE), featuring German pharmaceutical maker Bayer and American fashion brand Coach among 4,100 companies from 155 countries.

· The Pitcairn Islands hold mayoral and island council elections.

Economic & Financial Reports/Events –

· New Zealand RBNZ Financial Stability Report/ Employment Change Q3/ Unemployment Rate Q3/ Labour Costs Index Q3/ Participation Rate Q3/ RBNZ Press Conference

· South Korea Foreign Exchange Reserves (October)

· Australia Ai Group Industry & Construction & Manufacturing Index (October)/ S&P Global Composite & Services PMI (October)/ RBA Chart Pack

· The Bank of Japan’s Monetary Policy Meeting Minutes are released.

· Hong Kong S&P Global PMI (October)

· Singapore S&P Global PMI (October)/ Retail Sales (September)

· Philippines Inflation Rate (October)

· China Rating Dog Composite & Services PMI (October)

· Thailand Inflation Rate (October)

· Indonesia GDP Growth Rate Q3

· Kazakhstan Current Account Q3

· Taiwan Foreign Exchange Reserves (October)

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Bank of England Director of Insurance Supervision Shoib Khan gives a speech at MarketforceLive Insurance Innovators Summit 2025.

· Ireland AIB Services PMI (October)/ Unemployment Rate (October)

· Germany Factory Orders (September)/ HCOB Composite & Services PMI (October)

· France Industrial Production (September)/ HCOB Composite & Services PMI (October)

· Spain HCOB Composite & Services PMI (October)

· Italy HCOB Composite & Services PMI (October)/ Retail Sales (September)

· Euro Area HCOB Composite & Services PMI (October)/ PPI (September)

· Great Britain New Car Sales (October)/ BoE Khan Speech/ S&P Global Composite & Services PMI (October)/ BoE Breeden Speech

· Serbia PPI (October)

· Hungary Monetary Policy Meeting Minutes

· Poland Interest Rate Decision (November)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· United Arab Emirates S&P Global PMI (October)

· Israel Tourist Arrivals (October)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Africa S&P Global PMI (October)

· Ghana Inflation Rate (October)

Thursday, November 6, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· U.S. President Donald Trump will host the leaders of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan in Washington for the second C5+1 summit, his first direct engagement with the region's heads of state in a multilateral format.

Economic & Financial Reports/Events –

· Federal Reserve Board Governor Christoper Waller gives a speech on central banking and the future of payments at the Bank of Canada 2025 Annual Economic Conference in Ottawa, Canada.

· Federal Reserve Board Governor Michael Barr participates in virtual “Community Development" discussion hosted by Fed Communities.

· New York Federal Reserve Bank President John Williams gives lecture on “The Natural Rate of Interest" before event organized by the Goethe University Institute for Monetary and Financial Stability (IMFS).

· Cleveland Federal Reserve Bank President Beth Hammack speaks before an Economic Club of New York webinar.

· St. Louis Federal Reserve Bank President Alberto Musalem speaks on the U.S. economy and monetary policy before the Fixed Income Analysts Society, Inc.

· Philadelphia Federal Reserve Bank President Anna Paulson speaks on “The Federal Reserve Bank of Philadelphia's Consumer Finance Institute" before the “New Perspectives on Consumer Behavior in Credit and Payments Markets Conference 2025" hosted by the Federal Reserve Bank of Philadelphia.

· USA Challenger Job Cuts (October)/ EIA Natural Gas Stocks Change (October/31)/ Fed Balance Sheet (November/05)/ Fed Musalem Speech/ Initial Jobless Claims (October)/ Continuing Jobless Claims (October)/ Wholesale Inventories (August and September)

· Canada Ivey PMI s.a (October)

· Brazil Balance of Trade (October)

· Mexico Interest Rate Decision

Asia

Political/Social Events –

· India’s eastern state of Bihar holds the first phase of elections, a contest seen as a test of Prime Minister Narendra Modi’s popularity.

Economic & Financial Reports/Events –

· South Korea Current Account (September)

· Japan Average Cash Earnings (September)/ Overtime Pay (September)/ Reuters Tankan Index (November)/ S&P Global Composite & Services PMI (October)

· Australia Imports/ Exports/ Balance of Trade (September)

· Philippines Unemployment Rate (September)

· Vietnam Balance of Trade (October)/ Foreign Direct Investment (October)/ Industrial Production (October)/ Inflation Rate (October)/ Retail Sales (October)/ Tourist Arrivals (October)

· India HSBC Composite & Services PMI (October)

· Malaysia Interest Rate Decision

· Taiwan Inflation Rate (October)

· Indonesia Motorbike Sales (October)

Europe

Political/Social Events –

· The Sixth Partnership for Transatlantic Energy Cooperation (P-TEC) takes place through November 7th in Athens, Greece. The meeting brings together government officials and industry leaders to discuss energy security and affordability, infrastructure projects, and investment opportunities.

· The UK Parliament goes into recess until November 11.

Economic & Financial Reports/Events –

· The European Central Bank holds the second day of their conference on Money Markets in Frankfurt, Germany.

· European Central Bank Board Member Philip R. Lane participates in a policy panel at 26th Jacques Polak Annual Research Conference "The Evolving Landscape of Global Trade and Financial Integration" organized by the International Monetary Fund in Washington D.C,

· European Central Bank Board Member Isabel Schnabel gives: opening remarks at the ECB Conference on Money Markets 2025 in Frankfurt, Germany.

· European Central Bank Board Vice President Luis de Guindos participates in a webinar "Euro area current policy challenges" organized by Natixis CIB Research.

· European Central Bank Board Member Claudia Buch participates in a panel discussion at 20 Jahre Finanzstabilitätsbericht in Frankfurt, Germany.

· Russia S&P Global Composite & Services PMI (October)/ Summary of the Key Rate Discussion

· Germany Industrial Production (September)/ HCOB Construction PMI (October)

· Romania Retail Sales (September)

· Hungary Industrial Production (September)/ Retail Sales (September)

· France Private Non-Farm Payrolls Q3/ HCOB Construction PMI (October)

· Slovakia Retail Sales (September)

· Spain Industrial Production (September)

· Switzerland Unemployment Rate (October)

· Euro Area HCOB Construction PMI (October)/ Retail Sales (September)/ ECB Buch Speech/ ECB Lane Speech

· Italy HCOB Construction PMI (October)

· Great Britain S&P Global Construction PMI (October)/ BoE Interest Rate Decision/ BoE Monetary Policy Report

· Turkey Foreign Exchange Reserves (October/31)

· Ukraine Foreign Exchange Reserves (October)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Business Confidence (October)

· Kuwait M2 Money Supply (September)/ Private Bank Lending (September)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Friday, November 7, 2025

Global

· G20 Finance and Health Ministers will hold a virtual meeting to discuss mobilizing financing mechanisms to combat health challenges globally.

Americas

Political/Social Events –

· Hungarian Prime Minister Viktor Orbán meets Donald Trump at the White House to discuss a path to another US-Russia meeting and to seek an exemption from US energy sanctions.

· U.S. Secretary of Defense Pete Hegseth is expected to announce major changes to how the Pentagon acquires and transfers weapons to foreign countries.

· French President Emmanuel Macron visits to discuss the repatriation of ancient Mexican codices.

Economic & Financial Reports/Events –

· Vice Chair Philip N. Jefferson gives a speech on AI and the Economy at the Euro20+, Frankfurt am Main, Germany.

· Federal Reserve Governor Stephen I. Miran gives a speech on Stablecoins and Monetary Policy at the BCVC Summit 2025, New York, N.Y.

· New York Federal Reserve Bank President John Williams gives keynote before the ECB Conference on Money Markets 2025 organized by the European Central Bank.

· USA Michigan Consumer Sentiment (November)/ Baker Hughes Total Rigs Count (November/07)/ Consumer Credit Change (September)/ Non-Farm Payrolls (September and October)/ Unemployment Rate (September and October)/ Average Hourly Earnings (September and October)/ Participation Rate (September and October)/ Government Payrolls (September and October)/ Manufacturing Payrolls (September and October)/ Nonfarm Payrolls Private (September and October)/ U-6 Unemployment Rate (September and October)/ Used Car Prices (September and October)

· Chile Inflation Rate (October)/ Imports/ Exports/ Balance of Trade (October)

· Brazil PPI (September)

· Mexico Inflation Rate (October)/ Auto Exports & Production (October)

· Canada Unemployment Rate (October)/ Employment Change (October)/ Participation Rate (October)

· Ecuador Inflation Rate (October)

· Costa Rica Inflation Rate (October)

· Argentina Industrial Production (September)

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Japan Household Spending (September)/ Foreign Bond Investment (November/01)/ Stock Investment by Foreigners (November/01)

· Philippines Industrial Production (September)/ GDP Growth Rate Q3/ Foreign Exchange Reserves (October)

· Sri Lanka Tourist Arrivals (October)

· China Imports/ Exports/ Balance of Trade (October)/ Current Account Q3/ Foreign Exchange Reserves (October)

· Indonesia Foreign Exchange Reserves (October)

· Malaysia Industrial Production (September)

· Thailand Foreign Exchange Reserves (October)

· Taiwan Imports/ Exports/ Balance of Trade (October)

· Hong Kong Foreign Exchange Reserves (October)

· Singapore Foreign Exchange Reserves (October)

· India Foreign Exchange Reserves (October/31)

Europe

Political/Social Events –

· New Lady Mayor of the City of London Dame Susan Langley takes office at the Silent Ceremony at Guildhall, becoming the City’s 697th mayor and the first to use the title Lady Mayor.

Economic & Financial Reports/Events –

· European Central Bank Board Member Frank Elderson participates in a fireside chat at the Bundesbank Euro20+ event in Frankfurt, Germany.

· Bank of England’s BOE Chief Economist Huw Pill speaks in the national Monetary Policy Committee agency briefing.

· Bank of England Executive Director for Markets Victoria Saporta will participate in a panel at the European Central Bank Conference on Money Markets in Frankfurt, Germany.

· Germany Imports/ Exports/ Balance of Trade (September)/ New Car Registrations (October)

· Great Britain Halifax House Price Index (October)/ BBA Mortgage Rate (October)

· Turkey Inflation Report/ Treasury Cash Balance (October)

· France Imports/ Exports/ Balance of Trade (September)/ Current Account (September)/ Foreign Exchange Reserves (October)

· Slovakia Balance of Trade (September)

· Switzerland Consumer Confidence (October)/ Foreign Exchange Reserves (October)

· Greece Balance of Trade (September)

· Poland Foreign Exchange Reserves (October)

· Russia Foreign Exchange Reserves (October)/ Vehicle Sales (October)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Foreign Exchange Reserves (October)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Africa Foreign Exchange Reserves (October)

· Angola Inflation Rate (October)

Saturday, November 8, 2025

Global

· In Bolivia, Rodrigo Paz assumes the presidency, marking a political shift to the right after more than two decades of rule by the Movement for Socialism party.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Sunday, November 9, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Today is Independence Day in Cambodia.

Economic & Financial Reports/Events –

· China Inflation Rate (October)/ PPI (October)

· Japan Foreign Exchange Reserves (October)

Europe

Political/Social Events –

· The EU-CELA (Community of Latin America and Caribbean States) Summit begins in Santa Marta, Colombia and runs through November 10. Hosted by Colombian President Gustavo Petro, the summit will focus trade, investment, and green and digital transition as well as fighting organized crime and human trafficking.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Consumer Confidence (October)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Francis Kelly 10/27/25 Francis Kelly 10/27/25

U.S. Financial Regulatory Week Ahead

The Start of Week 5 of the Government Shutdown, President Trump has a New CFTC Chair Nominee, and, Aside From That, It’s Going to Be a Pretty Quiet Week

October 27 - 31, 2025

The Federal Government is entering its 5th week of being shut down. There is little movement in Congress that we can discern to figure out how to get a Continuing Resolution (CR) to fund the government and get the governmental engine running again.

At this point, we see only three key dates that could serve as a trigger for Congress to begin moving toward a deal. They are:

October 24 – This past Friday marked the first full paycheck date that federal employees (except military) will miss. This includes TSA Agents at airports and air traffic controllers (NOTE: We have been traveling in the last week and asking TSA Agents their thoughts, and it is clear we will soon start seeing them leaving their jobs for anything that gives them a paycheck – meaning, we will see significant slowdowns at airports).
November 1 – Likely early/mid next week, Open Enrollment for the Affordable Care Act (ACA) will begin, and it will show increasing annual insurance costs. Meaning, voters may become more focused and vocal on the issue Congressional Democrats are trying to force into the CR.
Late November – The House-passed Continuing Resolution expires on Nov. 21 (the Friday before Thanksgiving), and the fact that TSA workers will have missed more than a month of pay will likely result in departures of staff, causing significant delays at airports just before the Thanksgiving holiday.

Until then, there is not much going on with U.S. financial regulators. We would note that Travis Hill, the Acting Chair of the FDIC, will get his confirmation hearing this coming Friday. But only if the Senate Banking Committee holds the hearing. Last week, the Banking Committee was scheduled to hold an important hearing bringing together all the prudential regulators to talk about potential regulatory reform, but because of the shutdown, the hearing was cancelled.

Also, we would note that President Trump has nominated Mike Selig to the next Chair of the CFTC. Selig is currently the chief counsel for the Securities and Exchange Commission’s crypto task force in addition to advising SEC Chair Paul Atkins. He would replace Brian Quintenz as the nominee (as Quintenz’s nomination was somewhat mysteriously pulled by the White House just as he was about to get his confirmation hearing in the Senate Agriculture Committee).

Below are the few events we could find scheduled for the week ahead. Please let us know if you have any questions.

U.S. Congressional Hearings

U.S. Senate

· Thursday, October 30, 10:00 a.m. – The Senate Banking Committee holds a confirmation hearing to consider the nominations of the following individuals: Joseph Gormley to be President, Government National Mortgage Association, Department of Housing and Urban Development; Francis Cassidy to be Assistant Secretary, Department of Housing and Urban Development; Paul Hollis, to be Director of the Mint, Department of Treasury; Bryce McFerran, to be First Vice President, Export-Import Bank of the United States; and Travis Hill, to be Chairperson of the Board of Directors, Federal Deposit Insurance Corporation.

House of Representatives

· The House remains out of session until the Senate reaches a compromise on the federal budget continuing resolution.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

· Tuesday & Wednesday, October 28 – 29 – The Federal Reserve Board’s Federal Open Market Committee meets on the economy and interest rates. Fed Chair Jay Powell will hold a press conference at 2:00 p.m. on Wednesday.

· Thursday, October 30, 9:55 a.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gives a pre-recorded speech at the Economic Growth and Regulatory Paperwork Reduction Act Outreach Meeting.

U.S. Treasury Department

· There are no significant events scheduled at this time.

Department of Commerce

· There are no significant events scheduled at this time.

Department of Housing and Urban Development

· There are no significant events scheduled at this time.

Securities and Exchange Commission

· There are no significant events scheduled at this time.

Commodities Futures Trading Commission

· There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

· There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

· Tuesday, October 28, 3:20 p.m. – Comptroller of the Currency Jonathan Gould will discuss agency priorities and its influence on the future of banking and financial innovation at the Money 20/20 USA Conference in Las Vegas, Nevada.

The Consumer Financial Protection Bureau

· There are no significant events scheduled at this time.

FINRA

· There are no significant events scheduled at this time.

National Credit Union Administration

· There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

· There are no significant events scheduled at this time.

Farm Credit Administration

· There are no significant events scheduled at this time.

Farm Credit System Insurance Corporation

· There are no significant events scheduled at this time.

International Monetary Fund & World Bank

· There are no significant events scheduled at this time.

North American Securities Administrators Association

· There are no significant events scheduled at this time.

Small Business Administration

· There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

· Tuesday & Wednesday, October 28 & 29 – SIFMA holds its National Conference on the Securities Industry at New York Law School.

Think Tanks and Other Events

· Monday, October 27, 10:00 a.m. – The Brookings Institution holds an event entitled “What’s up with stablecoins after the GENIUS Act?”

· Wednesday & Thursday, October 29 - 30 – The American Enterprise Institute for Public Policy Research holds its 14th annual Housing Center Conference in Washington, D.C.

Please let us know if you have any questions or would like to be added to our email distribution list.

Francis Kelly 10/27/25 Francis Kelly 10/27/25

The Global Week Ahead

Trump Travels to Asia for the APEC Leaders Meeting and the ASEAN Summit, Trump Will Meet with Japan’s PM Takaichi and China’s Xi Seeking Trade Deals, and it is a Big Week for US, EU, Japan, and Canada Central Banks

October 26 - November 2, 2025

Geopolitics and global markets will be keenly focused on Asia this week. President Donald Trump travels to Malaysia this weekend at attend the APEC Leaders meeting. While there, the President is presiding over the signing of a peace deal he helped broker between Cambodia and Thailand and then working to hammer out trade deals with Malaysia, Vietnam, as well Cambodia and Thailand.

From there, President Trump travels to Japan – his fourth presidential trip there – to meet with newly elected Prime Minister Sanae Takaichi. Again, the President is hoping to hammer out a framework for a trade deal. The major sticking point between the US and Japan is whether Prime Minister Takaichi will hold by a pledge her predecessor made of giving $550 billion to the US to fund unspecified projects.

From there, Trump travels to Gyeongju, South Korea for the ASEAN Leaders Summit and a much-anticipated meeting with Chinese President Xi Jinping. Over the weekend, US Treasury Secretary Scott Bessent met with Chinese officials to iron out a “framework” of an agreement (but not an overarching deal) in advance of the Trump-Xi meeting.

Bessent reportedly finalized a deal on TikTok and may have gotten an extension of rare earth sales to the US following China’s recent clampdown on sales globally.

Finally, we would note Trump is expected to meet with South Korea’s President Lee Jae Myung on the sidelines of the ASEAN Summit to work further on a US-South Korea trade deal.

Here in Washington, the federal government shutdown is going into its 5th week. We would note that this past Friday, air traffic controllers, TSA Agents, and other key government workers experienced their first full paycheck not arriving. As we get closer to the Thanksgiving holiday, we believe pressure will grow on Congress to hammer out some sort of deal to reopen the government.

Looking at the global economic and financial radar screen, this is going to be a big week for central banks. The US Federal Reserve, the Bank of Japan, the European Central Bank, and the Reserve Bank of Canada all meet this week on interest rates. Markets are watching and listening not only for any rate moves but for assessments on how the trade wars might be impacting the longer-term inflation outlook globally.

This week is also a big week for corporate earnings with Apple, Meta, Alphabet, Microsoft, Deutsche Bank, UBS, Airbus, Boeing and number of large cap companies reporting.

With the federal government shutdown still in place, there will not be much other major economic reports in the US (Q3 GDP was scheduled to be reported). We will get the Conference Board’s Consumer Confidence Report on Tuesday.

In Europe, we will get October CPIs and Q3 GDP reports from Germany, France, Italy, and Spain, along with the PCE report, plus consumer confidence reports from Germany and Italy and the greater Eurozone on Thursday.

In Asia, China releases October PMIs on Friday along with September retail sales. Japan releases the Tokyo CPI on Thursday.

Below is the rest of our detailed report of the major geopolitical and geoeconomic events in the coming week:

Sunday, October 26, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Argentina holds elections for the Chamber of Deputies and the Senate.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· The ASEAN Summit begins in Kuala Lumpur and runs through October 28. Southeast Asian leaders will convene, and President Trump is expected to oversee the signing of the Kuala Lumpur Accord, a peace deal between Thailand and Cambodia. Leaders are set to discuss growing U.S. tariff pressures, regional conflicts like the one in Myanmar, and widening geopolitical divisions. The summit will additionally mark the formal accession of Timor-Leste as ASEAN’s 11th member.

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· In the UK and EU, it is the end of Summertime – clocks get set back one hour.

Economic & Financial Reports/Events –

· Ireland Consumer Confidence (October)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Saudi Arabia Imports/ Exports/ Balance of Trade (August)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Monday, October 27, 2025

Global

· Vietnam hosts the United Nations’ global convention on cybercrime.

Americas

Political/Social Events –

· President Trump will make an official visit to Japan through Wednesday. While there, he will hold an official summit with newly elected Prime Minister Sanae Takaichi, where Trump hopes to wrap up a US-Japan trade deal.

Economic & Financial Reports/Events –

· Brazil FGV Consumer Confidence (October)/ BCB Focus Market Readout

· Mexico Balance of Trade (September)

· USA Dallas Fed Manufacturing Index (October)/ Durable Goods Orders (September)

Asia

Political/Social Events –

· The Beijing Financial Forum begins and runs through Friday. More than 400 delegates from 30 countries are expected to attend. People's Bank of China Gov. Pan Gongsheng and top securities regulator Wu Qing are reportedly due to speak.

· North Korea's top diplomat Choe Son Hui visits Moscow for talks.

Economic & Financial Reports/Events –

· China Industrial Profits (YTD) (September)/ FDI (YTD) (September)

· Taiwan Consumer Confidence (October)

· Thailand Imports/ Exports/ Balance of Trade (September)

· Taiwan Unemployment Rate (September)

· Reserve Bank of Australia Governor Michele Bullock holds a fireside chat at the ABE annual dinner in Sydney, Australia.

· Hong Kong Imports/ Exports/ Balance of Trade (September)

· Pakistan Interest Rate Decision

· EARNINGS: Nomura

Europe

Political/Social Events –

· The EU Agriculture and Fisheries Council will meet in Luxembourg.

· NATO conducts annual nuclear exercise Steadfast Noon.

Economic & Financial Reports/Events –

· European Central Bank Board Member Frank Elderson gives the keynote speech at a joint ECB and EUI banking governance high-level seminar "Board of the Future" in Florence, Italy. ECB Board Member Anneli Tuominen also will speak.

· Turkey Business Confidence (October)/ Unemployment Rate (September)/ Capacity Utilization (October)/ Participation Rate (September)

· Euro Area ECB Elderson Speech/ Loans to Companies (September)/ Loans to Households (September)/ M3 Money Supply (September)/ ECB Tuominen Speech

· Slovenia Business Confidence (October)

· Germany Ifo Business Climate (October)/ Ifo Current Conditions (October)/ Ifo Expectations (October)

· Greece Total Credit (September)

· Great Britain CBI Distributive Trades (October)/ BoE Oakes Speech

Middle East

Political/Social Events –

· The Future Investment Initiative, an annual investment event organized by the FII Institute, a non-profit organization run by Saudi Arabia’s Public Investment Fund, begins in Riyadh.

Economic & Financial Reports/Events –

· Israel Imports/ Exports/ Balance of Trade (September)/ Unemployment Rate (September)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Tuesday, October 28, 2025

Global

· The UN Security Council is scheduled to hold a briefing on United Nations Multidimensional Integrated Stabilization Mission in the Central African Republic (MINUSCA), followed by consultations.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· The Federal Reserve Board’s Federal Open Market Committee meets on the economy and interest rates today and Wednesday. Fed Chair Jay Powell will hold a press conference at 2:00 p.m. on Wednesday.

· Mexico Unemployment Rate (September)

· USA Redbook (October/25)/ S&P/Case-Shiller Home Price (August)/ Richmond Fed Manufacturing Index (October)/ Dallas Fed Services Index (October)/ Money Supply (September)/ API Crude Oil Stock Change (October/24)/ House Price Index (August)/ CB Consumer Confidence (October)

· Chile Interest Rate Decision

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Korea Consumer Confidence (October)/ GDP Growth Rate Q3

· India Industrial Production (September)/ Manufacturing Production (September)

Europe

Political/Social Events –

· European Commission President Ursula President von der Leyen will travel to Stockholm to participate in a meeting with the Nordic Leaders and the SG of the Nordic Council of Ministers. She will meet with Andreas Norlén, Speaker of the Riksdag and then deliver a speech at the 77th session of the Nordic Council.

Economic & Financial Reports/Events –

· European Union New Car Registrations (September)

· Germany GfK Consumer Confidence (November)

· Euro Area ECB Consumer Inflation Expectations (September)

· Italy Business Confidence (October)/ Consumer Confidence (October)

· Slovenia Retail Sales (September)

· France Unemployment Benefit Claims (September)/ Jobseekers Total (September)

· Ireland GDP Growth Rate Q3/ Retail Sales (September)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Tanzania holds general elections.

Economic & Financial Reports/Events –

· Zimbabwe Inflation Rate (October)

Wednesday, October 29, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· The suspension of increased US tariffs on Mexico ends.

Economic & Financial Reports/Events –

· US Federal Reserve Board’s Federal Open Market Committee concludes two days of meetings and announces interest rates. Fed Chair Jay Powell holds a press conference in the afternoon.

· US MBA Mortgage Market Index (October/24)/ MBA Purchase Index (October/24)/ Pending Home Sales (September)/ EIA Crude Oil & Gasoline Stocks Change (October/24)/ Decision/Goods Trade Balance Adv (September)/ Retail Inventories Ex Autos (August)/ Wholesale Inventories (August)

· Brazil Bank Lending (September)

· Chile Unemployment Rate (September)

· Bank of Canada Interest Rate Decision and Press Conference

· Colombia Business Confidence (September)

· EARNINGS: Boeing, Alphabet, Meta

Asia

Political/Social Events –

· The Russia-Venezuela Business Forum takes place in Caracas, Venezuela.

Economic & Financial Reports/Events –

· South Korea Business Confidence (October)/ US President Trump-China President Xi Meeting

· Australia Inflation Rate Q3/ Monthly CPI Indicator (September)/ RBA Trimmed Mean CPI Q3/ CPI Q3/ RBA Weighted Median CPI Q3

· Malaysia PPI (September)

· Japan Consumer Confidence (October)

· Singapore Import Prices (September)/ Export Prices (September)/ PPI (September)

· India M3 Money Supply (October/17)

Europe

Political/Social Events –

· The Netherlands holds snap parliamentary elections following the collapse of Prime Minister Dick Schoof’s coalition government in June.

· German Chancellor Friedrich Mertz travels to Ankara, Turkey for talks.

Economic & Financial Reports/Events –

· The European Central Bank’s Governing Council meets at the Banca d’Italia in Florence through Thursday, October 30.

· Hungary Balance of Trade (September)

· Spain GDP Growth Rate Q3/ Retail Sales (September)

· Switzerland Economic Sentiment Index (October)

· Great Britain BoE Consumer Credit (September)/ Mortgage Approvals (September)/ Mortgage Lending (September)/ M4 Money Supply (September)/ Net Lending to Individuals (September)

· Italy PPI (September)

· Russia Unemployment Rate (September)/ Business Confidence (October)/ Corporate Profits (August)/ Real Wage Growth (August)/ Retail Sales (September)

· EARNINGS: Deutsche Bank, Adidas, UBS, BASF, Mercedes-Benz, Airbus, TotalEnergies, AB InBev, Stellantis, Lufthansa, Volkswagen

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Inflation Expectations (October)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Africa M3 Money Supply (September)/ Private Sector Credit (September)

Thursday, October 30, 2025

Global

· The UN Security Council is scheduled to vote on a draft resolution on the United Nations Mission for the Referendum in Western Sahara (MINURSO), and another draft resolution on Colombia.

· The International Energy Agency publishes an annual World Energy Outlook on global energy prospects.

Americas

Political/Social Events –

· President Trump is expected to meet with Chinese President Xi Jinping in South Korea on the sidelines of the APEC CEO Summit. Trump hopes to hammer out a partial trade deal with China, especially around rare earth export controls China has recently instituted.

· The US’ 25% tariffs on heavy trucks enters into force.

Economic & Financial Reports/Events –

· Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gives a pre-recorded speech at the Economic Growth and Regulatory Paperwork Reduction Act Outreach Meeting.

· Brazil IGP-M Inflation (October)/ Net Payrolls (September)

· Chile Copper Production (September)/ Industrial Production (September)/ Manufacturing Production (September)/ Retail Sales (September)

· Mexico GDP Growth Rate Q3

· Dallas Fed President Lorie Logan gives welcoming remarks at The Evolving Landscape of Bank Funding conference hosted by the Dallas Fed.

· USA EIA Natural Gas Stocks Change (October/24)/ 15- & 30-Year Mortgage Rate (October/30)/ Fed Balance Sheet (October/29)/ GDP Growth Rate Q3/ GDP Price Index Q3/ Initial Jobless Claims (September & October)/ Continuing Jobless Claims (September & October)/ PCE Prices Q3/ Real Consumer Spending Q3

· EARNINGS: Amazon, Apple

Asia

Political/Social Events –

· Defense chiefs from the 11-member Association of Southeast Asian Nations will meet in Kuala Lumpur through Nov. 2 for the ASEAN Defense Ministers' Meeting. The gathering comes as the bloc expands its cooperation framework, with Germany and Turkey joining the ADMM observer program for the 2024-2027 term.

· The Japan Mobility Show, formerly known as the Tokyo Motor Show, will be held through Nov. 9 at Tokyo Big Sight. The theme of this year's event is: "A unique opportunity to explore mobility's future." A record number of over 500 companies and organizations will participate.

Economic & Financial Reports/Events –

· The Bank of Japan begins a two-day board meeting on the economy and interest rates.

· Japan Foreign Bond Investment (October/25)/ Stock Investment by

· New Zealand ANZ Business Confidence (October)

· Australia Import Prices Q3/ Export Prices Q3

· Philippines Import/ Export/ Balance of Trade (September)/ PPI (September)

· Singapore Unemployment Rate Q3

· Thailand Industrial Production (September)

· EARNINGS: Panasonic, Japan Airlines, All Nippon Airways, Apple, Samsung Electronics

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· The European Central Bank concludes two days of meetings in Florence and announces its decision on interest rates followed by a press conference hosted by ECB President Christine Lagarde at 4:15 p.m. CET.

· Euro Area GDP Growth Rate Q3/ Economic Sentiment (October)/ Unemployment Rate (September)/ Consumer Confidence (October)/ Industrial Sentiment (October)/ Selling Price Expectations (October)/ Services Sentiment (October)

· France GDP Growth Rate Q3/ Household Consumption (September)

· Romania Unemployment Rate (September)

· Turkey Economic Confidence Index (October)

· Hungary GDP Growth Rate Q3

· Slovakia Business Confidence (October)/ Consumer Confidence (October)

· Spain Inflation Rate (October)/ Business Confidence (October)

· Switzerland KOF Leading Indicators (October)

· Germany Unemployed Persons (October)/ Unemployment Change (October)/ Unemployment Rate (October)/ GDP Growth Rate Q3/ Baden Wuerttemberg CPI (October)/ Bavaria CPI (October)/ Brandenburg CPI (October)/ Hesse CPI (October)/ North Rhine Westphalia CPI (October)/ Saxony CPI (October)/ Inflation Rate (October)

· Italy GDP Growth Rate Q3/ Unemployment Rate (September)/ Industrial Sales (August)

· Slovenia Inflation Rate (October)

· Greece Unemployment Rate (September)/ PPI (September)

· Ireland Inflation Rate (October)

· Russia GDP (September)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Saudi Arabia GDP Growth Rate Q3/ M2 Money Supply (September)/ Private Bank Lending (September)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Africa PPI (September)

· Zambia Inflation Rate (October)

· Egypt M2 Money Supply (September)

Friday, October 31, 2025

Global

· The UN Security Council is scheduled to vote on a draft resolution on Bosnia and Herzegovina, followed by a debate. In the afternoon, the Council is scheduled to vote on a draft resolution on the United Nations Support Mission in Libya (UNSMIL).

· G7 energy and Environment Ministers meet in Canada.

· The International Institute for Strategic Studies holds its Manama Dialogue Conference.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Brazil Gross Debt to GDP (September)/ Nominal Budget Balance (September)/ Unemployment Rate (September)

· Canada GDP (August)/ Average Weekly Earnings (August)/ Budget Balance (August)

· USA Fed Logan Speech/ Chicago PMI (October)/ Fed Bostic Speech/ Fed Hammack Speech/ Baker Hughes Total Rigs Count (October/31)/ Personal Income & Spending (September)/ Employment Cost Index Q3/ PCE Price Index (September)

· Colombia Unemployment Rate (September)/ Interest Rate Decision/ Cement Production (September)

· Uruguay Balance of Trade (September)

· Peru Inflation Rate (October)

· Mexico Fiscal Balance (September)

· Argentina Tax Revenue (October)

· EARNINGS: Chevron, ExxonMobil, T. Rowe Price, Weyerhaeuser, Canadian National Railway, Ingersoll Rand, AbbVie, Aon

Asia

Political/Social Events –

· The ASEAN Leaders Meeting takes place in South Korea. Leaders of the 21-member organization are expected to meet over two days. President Trump is expected to hold talks with South Korean President Lee Jae Myung. South Korea is also hoping to use the meeting to promote foreign investment.

Economic & Financial Reports/Events –

· New Zealand ANZ Roy Morgan Consumer Confidence (October)

· South Korea Industrial Production (September)/ Retail Sales (September)

· Japan Unemployment Rate (September)/ Tokyo Core CPI (October)/ Industrial Production (September)/ Retail Sales (September)/ Industrial Production (September)/ Housing Starts (September)/ Construction Orders (September)

· Australia PPI Q3/ Housing Credit (September)/ Private Sector Credit (September)/ Cotality Dwelling Prices (October)

· China NBS General/ Manufacturing/ Non-Manufacturing PMI (October)

· Singapore Bank Lending (September)/ Business Confidence Q3

· Malaysia M3 Money Supply (September)

· Thailand Current Account (September)/ Private Investment & Consumption (September)/ Retail Sales (August)/ Business Confidence (October)

· Taiwan GDP Growth Rate Q3

· Hong Kong GDP Growth Rate Q3/ Retail Sales (September)

· Sri Lanka Inflation Rate (October)/ Balance of Trade (September)

· India Government Budget Value (September)/ Bank Loan Growth (October/17)/ Deposit Growth (October/17)/ Foreign Exchange Reserves (October/24)

· Pakistan Inflation Rate (October)/ Wholesale Prices (October)/ Balance of Trade (October)

· EARNINGS: Sumitomo, Mitsubishi Electric,

Europe

Political/Social Events –

· Georgia holds local elections.

Economic & Financial Reports/Events –

· Banca d’Italia will host the 11th edition of their International Macroeconomics Workshop, jointly organized with the Bank of England and Banque de France, at their base in Rome.

· Germany Retail Sales (September)/ Import Prices (September)

· Turkey Imports/ Exports/Balance of Trade (September)/ Tourism Revenues Q3/ Tourist Arrivals (September)/ MPC Meeting Summary

· Great Britain Nationwide Housing Prices (October)

· Hungary PPI (September)

· Switzerland Retail Sales (September)

· France Inflation Rate (October)/ PPI (September)

· Spain Tourist Arrivals (September)/ Current Account (August)

· Poland Inflation Rate (October)

· Euro Area Inflation Rate (October)/ CPI (October)

· Greece Retail Sales (August)

· Italy Inflation Rate (October)

· Serbia Balance of Trade (September)/ GDP Growth Rate Q3/ Industrial Production (September)/ Retail Sales (September)

· Ukraine Current Account (September)

· Sri Lanka PPI (September)

· Russia M2 Money Supply (September)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Cote d’Ivoire holds presidential elections.

Economic & Financial Reports/Events –

· Nigeria Foreign Exchange Reserves (October)

· South Africa Balance of Trade (September)/ Budget Balance (September)

· Kenya Inflation Rate (October)

Saturday, November 1, 2025

Global

· Sierra Leone assumes the chair of the UN Security Council for the month of November.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Korea Import/ Export/ Balance of Trade (October)

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Sunday, November 2, 2025

Global

· OPEC+ meets virtually.

Americas

Political/Social Events –

· Daylight Savings Time ends in the US.

· Mexico celebrates the Day of the Dead Parade in Mexico City.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Manufacturing Production (August)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Francis Kelly 10/25/25 Francis Kelly 10/25/25

CORRECTED: The Global Week Ahead

China Holds the 4th Party Plenum, Japan Elects a New Prime Minister, Rubio to Meet with Russian Foreign Minister Lavrov, the ASEAN Summit Begins, and It’s a Big Earnings Week

October 19 - 26, 2025

It is going to be a week of momentous meetings, likely to set the direction for a number of issues globally for the coming year. First, the Chinese Communist Party is holding its 4th Party Plenum in Beijing. The meetings come at a critical time for China as the economy continues to struggle to regain its footing, eight senior military officials were either arrested or kicked out of the Party last week, and President Xi continues to battle President Trump over tariffs and access to rare earth minerals.

Meanwhile, following President Trump’s meeting Friday with Ukrainian President Volodymyr Zelenskyy in Washington, US Secretary of State Marco Rubio will meet with Russian Foreign Affairs Minister Sergey Lavrov in Budapest to resume discussions on how to bring either a ceasefire or an outright end to the war in Ukraine. Late this weekend, it was reported that Russian President Vladimir Putin, in a telephone call with President Trump this past week, reiterated his demand that Ukraine surrender large portions of occupied land in return for peace. Trump reportedly, in turn, urged Zelensky to consider the terms. Trump also denied Zelenskyy and Ukrainian military forces access to the much-sought Tomahawk missiles.

In the Middle East this week, Vice President J.D. Vance is expected to travel to Israel Tuesday to push for further implementation of the Gaza peace agreement while US Special Envoy Steve Witkoff and President Trum[‘s son-in-law, Jared Kushner, is expected to meet with Qatari and Israeli representatives on the next steps on the shaky plan. The past week saw continued violence in Gaza as Hamas began going after rival factions, executing dozens of fighters and leaders as they struggle to retain some semblance of control in the region.

This coming Sunday, the ASEAN Summit begins in Kuala Lumpur, Malaysia. President Trump is expected to attend and preside over the peace signing ceremony between Thailand and Cambodia. Treasury Secretary Scott Bessent is expected to meet with Chinese Vice Premier He Lifeng to discuss ways to de-escalate new tensions between the US and China, which sprang back up last week when China announced a new ban on critical mineral sales globally.

This all comes in advance of a much-hoped-for meeting between Trump and President Xi in two weeks at a second ASEAN Summit, this time being held in Gyeongju, South Korea between October 31-November 1. But there is concern in the markets about the meeting and if it might be called off at the last meeting as much depends on how well the meeting between Secretary Bessent and Vice Premier He go.

Also happening this week will be the election of Japan’s new Prime Minister on Tuesday. It appears that Sanae Takaichi has successfully put together a new coalition with Japan’s Innovation Party with her Liberal Democratic Party, which will make her Japan’s first female prime minister. She will attend the ASEAN Summit in Kuala Lumpur and then meet with President Trump on October 27-29 in Japan to discuss finalizing a trade deal and then attend the second ASEAN Summit in South Korea on October 31.

Looking at the global economic and financial radar screen this week, the big event will be in the US, where, despite the ongoing government shutdown, government economists have been called back to work to assemble the September CPI numbers for release on Friday. All other government data releases are being delayed because of the shutdown so markets remain dependent on private sector data. The Conference Board releases its leading index on Monday, and the University of Michigan releases its consumer sentiment report on Friday. Canada’s CPI is out Tuesday.

Turning to Europe, markets will be listening closely to several speeches by European Central Bank President Christine Lagarde. Also, the UK will be releasing September inflation figures on Wednesday and retail sales and consumer confidence numbers on Friday. Germany and France have manufacturing PMIs on Friday.

In Asia, China will be releasing Q3 GDP and September economic figures on Monday. Japan releases trade data on Wednesday and CPI on Friday. And South Korea’s central bank interest rate decision is on Thursday.

Finally, we would note this is going to be a big earnings announcement week as market participants will get a deeper understanding of how the trade wars and the risk of inflation are impacting corporations globally.

Below is the rest of our detailed report of the major geopolitical and geoeconomic events in the coming week:

Sunday, October 19, 2025

Global

· The World Bank/IMF Meetings conclude.

Americas

Political/Social Events –

· Bolivia holds presidential run-off elections.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· China Communist Party Fourth Plenum

Europe

Political/Social Events –

· Northern Cyprus holds presidential elections.

· The EU-Iraq Cooperation Council meets in Luxembourg.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Monday, October 20, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· The US Government shutdown is expected to continue throughout the week ahead.

· Australian Prime Minister Anthony Albanese travels to Washington to meet with President Donald Trump, their first face-to-face meeting. Albanese is expected to seek reassurances over America's commitment to the AUKUS submarine deal and promote access to Australia's strategic materials such as rare earths as leverage in the talks with the American leader.

· US Secretary of State Marco Rubio is expected to meet with Russian Foreign Minister Sergey Lavrov in Hungary to discuss Ukraine.

· Today is Heroes’ Day in Jamaica, a national holiday.

Economic & Financial Reports/Events –

· Canada PPI (September)/ Raw Materials Prices (September)/ BoC Business Outlook Survey

· USA CB Leading Index (September)/ Net Long-term TIC Flows (August)/ Foreign Bond Investment (August)/ Overall Net Capital Flows (August)

· Colombia ISE Economic Activity (August)

· Argentina Balance of Trade (September)

· Brazil BCB Focus Market Readout

Asia

Political/Social Events –

· China holds the 4th Chinese Communist Party Plenum in Beijing. The four-day forum will discuss the country’s next five-year plan.

· In Vietnam, the National Assembly holds its winter session, which lasts until December 11. They are expected to discuss 49 laws and 4 resolutions -- a record number. Vietnam, one of the fastest-growing economies, is ramping up wide-ranging reforms that the government expects will help fuel double-digit economic growth in 2026, up from an expected 8% in GDP growth this year.

· Diwali is celebrated in India through October 25.

Economic & Financial Reports/Events –

· New Zealand Inflation Rate Q3

· China Loan Prime Rate 1Y & 5Y (October)/ House Price Index (September)/ Industrial Production (September)/ Retail Sales (September)/ Industrial Capacity Utilization Q3/ Unemployment Rate (September)/ Communist Party Fourth Plenum

· Reserve Bank of Japan Member of the Policy Board Hajime Takata gives a speech at the Chugoku Economic Federation in Hiroshima, Japan.

· Hong Kong Unemployment Rate (September)

Europe

Political/Social Events –

· The EU Foreign Affairs Council meets in Luxembourg. The Foreign Ministers will discuss the state of the War in Ukraine, the situation in the Middle East, and the EU-Indo-Pacific relations.

· The EU Transport, Telecommunications, and Energy Council (Energy) meets in Luxembourg.

· European Commission President Ursula von der Leyen participates in the Summit of Southern European Union countries (MED-9) in Portorož, Slovenia.

Economic & Financial Reports/Events –

· European Central Bank Board Member Isabel Schnabel gives welcoming remarks at the 5th WE_ARE_IN Macroeconomics and Finance Conference 2025 organized by Centre for Economic Policy Research (CEPR), Bank for International Settlements.

· European Central Bank Executive Board member Isabel Schnabel speaks at WE_ARE_IN conference in Frankfurt. European Central Bank Governing Council members Joachim Nagel and Boris Vujcic attend a roundtable in New York.

· Germany PPI (September)/ Bundesbank Balz Speech

· Euro Area Current Account (August)/Construction Output (August)

· Italy Construction Output (August)/ Current Account (August)

· Poland Corporate Sector Wages (September)/ Employment Growth (September)/ Industrial Production (September)/ PPI (September)

· Slovakia Current Account (August)/ Unemployment Rate (September)

· Turkey Central Government Debt (September)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Tourist Arrivals (September)/ M1 Money Supply (September)

· Saudi Arabia Real Estate Price Index Q3

· Oman Inflation Rate (September)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Ghana PPI (September)

Tuesday, October 21, 2025

Global

· The UN Security Council is scheduled to hold a briefing on the United Nations Mission in Kosovo (UNMIK). In the afternoon, the Security Council is scheduled to hold a TVV meeting on the United Nations Multidimensional Integrated Stabilization Mission in the Central African Republic (MINUSCA).

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· The Federal Reserve holds its Payments Innovation Conference in Washington, D.C. Federal Governor Christopher J. Waller will give opening remarks.

· Canada Inflation Rate (September)/ CPI Median (September)

· USA Redbook (October/18)/ API Crude Oil Stock Change (October/17)

· Colombia Balance of Trade (August)/ Imports (August)

· El Salvador Balance of Trade (September)

· Costa Rica Balance of Trade (September)

· EARNINGS: Netfilx, GE, Coca-Cola, Philip Morris, Texas Instruments, Capital One, Danaher, Lockheed Martin, Northrup Grumman, 3M, General Motors, EQT, Equifax, PulteGroup, Haliburton

Asia

Political/Social Events –

· Japan’s Diet will vote on who will be the next Prime Minister.

Economic & Financial Reports/Events –

· New Zealand Imports/ Exports/ Balance of Trade (September)/ Credit Card Spending (September)/ Global Dairy Trade Price Index (October/21)

· Reserve Bank of Australia Assistant Governor Brad Jones speaks on a panel at the ISDA/AFMA Derivatives Trading Forum in Sydney.

· Japan BoJ Himino Speech

· Taiwan Export Orders (September)

· India Infrastructure Output (September)

Europe

Political/Social Events –

· Russia is expected to begin 10-days of naval exercises in the Pacific in waters close to South Korea and Japan.

· The Helsinki Security Forum takes place in Helsinki. The event brings together experts and decision-makers to explore European security and defense. It will also address how Europe can boost its competitiveness, invest in Defence, and shape its security order. High-level delegates are expected to attend, and participants include representatives from the Defence industry, research institutions, and government bodies.

· The EU-Uzbekistan Cooperation Council meets in Luxembourg.

· The EU Environmental Council meets in Luxembourg.

· The EU General Affairs Council meets in Luxembourg. They will discuss the Multiannual Financial Framework 2028-2034, Article 7 procedure concerning Hungary, and other issues.

Economic & Financial Reports/Events –

· European Central Bank President Christine Lagarde gives the keynote address at the Norges Bank's Climate Conference followed by moderated discussion with Al Gore in Oslo, Norway.

· European Central Bank Board Member Philip R. Lane gives welcoming remarks at the 5th WE_ARE_IN Macroeconomics and Finance Conference 2025 organized by Centre for Economic Policy Research (CEPR), Bank for International Settlements (BIS) and European Central Bank (ECB) in Frankfurt, Germany.

· Bank of England Governor Andrew Bailey gives evidence to the House of Lords' Financial Services Regulation Committee on the growth in private markets in the UK following reforms introduced after the 2008 financial crisis.

· Bank of England Executive Director Victoria Cleland gives a speech at the Bank of England and Bank for International Settlements DLT Innovation Challenge Showcase in London.

· Switzerland Balance of Trade (September)

· Great Britain Public Sector Net Borrowing Ex Banks (September)

· Greece Current Account (August)

· Slovenia PPI (September)/ Unemployment Rate (August)

· Hungary Deposit Interest Rate (October)/ Interest Rate Decision

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Lebanon Inflation Rate (September)

Africa

Political/Social Events –

· The ISS/Africa Futures Conference 2025 takes place online.

Economic & Financial Reports/Events –

· South Africa Leading Business Cycle Indicator (August)

Wednesday, October 22, 2025

Global

· The UN Security Council is scheduled to hold a briefing on the Middle East, followed by consultations on the Middle East (Syria). In the afternoon, the Security Council is scheduled to hold a briefing, followed by consultations, on the UN Integrated Office in Haiti (BINUH).

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Federal Reserve Board Governor Michael Barr will give a speech on financial inclusion at the Crossing the Credit Barrier Conference hosted by the Federal Reserve Bank of St. Louis, St. Louis, Mo. (via pre-recorded video)

· USA MBA Mortgage Market Index (October/17)/ MBA Purchase Index (October/17)/ EIA Crude Oil & Gasoline Stocks Change (October/17)

· Mexico Economic Activity (August)

· Argentina Economic Activity (August)/ Leading Indicator (September)

· EARNINGS: Tesla, SAP, IBM, Thermo Fisher, AT&T, UniCredit, Barclays, Moody’s, Southwest Airlines, Alcoa

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Korea PPI (September)

· Bank of Japan Deputy Governor Ryozo Himino gives a speech at the Chugoku Economic Federation in Hiroshima, Japan, Japan Imports/ Exports/ Balance of Trade (September)/ BoJ JGB Purchase

· Malaysia Inflation Rate (September)

· Indonesia Loan Growth (September)/ Interest Rate Decision/ Lending & Deposit Facility Rate (October)

Europe

Political/Social Events –

· The EU-Egypt Summit will be held in Brussels.

· The Tripartite Social Summit will be held in Luxembourg.

· In London, Prime Minister Sir Keir Starmer hosts the 2025 Berlin Process Summit in partnership with Germany. The meeting aims to support stability, security, and economic co-operation in the western Balkan region.

· The Global Security and Innovation Summit, a two-day event to discuss global security challenges and to explore new security technology, opens in Hamburg.

Economic & Financial Reports/Events –

· European Central Bank President Christine Lagarde gives the keynote speech at the Frankfurt Finance & Future Summit in Frankfurt, Germany.

· European Central Bank Board Member Claudia Buch gives a lecture at the Frankfurt School of Finance & Management in Frankfurt, Germany.

· European Central Bank Vice President Luis de Guindos participates in a talk at the Barcelona Real Assets Meeting 2025 in Barcelona, Spain.

· Bank of England Deputy Governor Sam Woods gives a speech at the Annual City Banquet at Mansion House in London.

· Great Britain Inflation Rate (September)/ Retail Price Index (September)/ BoE Woods Speech

· Hungary Unemployment Rate (September)

· Poland Retail Sales (September)/ M3 Money Supply (September)

· Ireland Wholesale Prices (September)

· Russia Industrial Production (September)/ PPI (September)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Africa Inflation Rate (September)

Thursday, October 23, 2025

Global

· The UN Security Council is scheduled to hold an open debate on the Middle East..

Americas

Political/Social Events –

· Brazilian President Luiz Inácio Lula da Silva travels to Indonesia and Malaysia.

Economic & Financial Reports/Events –

· Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman will testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

· Mexico Mid-month Inflation Rate (October)/ Retail Sales (August)

· Canada Retail Sales (August)/ Manufacturing Sales (September)

· USA Chicago Fed National Activity Index (September)/ Existing Home Sales (September)/ EIA Natural Gas Stocks Change (October/17)/ Kansas Fed Composite & Manufacturing Index (October)/ 15- & 30-Year Mortgage Rate (October/23)/ Fed Balance Sheet (October/22)/ Initial Jobless Claims (September & October)

· Argentina Consumer Confidence (October)/ Retail Sales (August)

· Paraguay PPI (September)

· Uruguay Unemployment Rate (September)

· EARNNGS: T-Mobile, Blackstone, Intel, Union Pacific, Honeywell, Newmont, Freeport-McMorRan, Ford Motor, Baker Hughes, Dassault Systems, PG&E, Dow, EvolutionAB, Atlas Copco

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Japan Foreign Bond Investment (October/18)/ Stock Investment by Foreigners (October/18)

· Australia RBA Bulletin

· South Korea Interest Rate Decision

· Indonesia M2 Money Supply (September)

· Singapore Inflation Rate (September)

· Taiwan Industrial Production (September)/ Retail Sales (September)/ M2 Money Supply (September)

· Hong Kong Inflation Rate (September)

· Philippines Budget Balance (September)

· Thailand New Car Sales (September)

Europe

Political/Social Events –

· The Euro Summit takes place in Brussels.

Economic & Financial Reports/Events –

· European Central Bank Board Member Philip R. Lane accepts the occasion of the conferral of the 2025 Pádraig Ó hUiginn Award to him in Dublin, Ireland.

· Bank of England External Member of the Financial Policy Committee, Jonathan Hall, gives a speech on the Bank of England Financial Committee’s mandate and the search for a social optimum in London.

· France Business Confidence (October)/ Business Climate Indicator (October)

· Turkey Consumer Confidence (October)/ TCMB Interest Rate Decision/ Overnight Borrowing & Lending Rate (October)/ Foreign Exchange Reserves (October/17)

· Poland Unemployment Rate (September)

· Spain Balance of Trade (August)

· Slovenia Consumer Confidence (October)

· Great Britain CBI Business Optimism Index Q4/ CBI Industrial Trends Orders (October

· Ukraine Interest Rate Decision

· Euro Area Consumer Confidence Flash (October)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Today is Libya Liberation Day.

Economic & Financial Reports/Events –

· Nothing significant to report.

Friday, October 24, 2025

Global

· The UN Security Council is scheduled to hold an open debate on the Maintenance of international peace and security: The United Nations Organization: Looking into the Future..

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· The Federal Reserve Board of Governors will hold an Open Board Meeting. The Board will consider proposals to enhance the transparency and public accountability of the Board’s stress testing framework and request comments on the scenarios for the Board’s 2026 supervisory stress test.

· Brazil FGV Consumer Confidence (October)/ Current Account (September)/ Foreign Direct Investment (September)/ IPCA mid-month CPI (October)

· Chile PPI (September)

· USA Inflation Rate (September)/ CPI (September)/ S&P Global Composite/ Services/ Manufacturing PMI Flash (October)/ Michigan Consumer Sentiment Final (October)/ Baker Hughes Total Rigs Count (October/24)/ New Home Sales (September)

· Paraguay Interest Rate Decision

· EARNINGS: Procter & Gamble, HCA Healthcare, NatWest, Saab, Sanofi

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Reserve Bank of Australia Governor Michele Bullock gives a speech in Sydney/Australia S&P Global Composite/ Services/ Manufacturing PMI Flash (October)

· Japan Inflation Rate (September)/ S&P Global Composite/ Services/ Manufacturing PMI Flash (October)/ Coincident Index Final (August)/ Leading Economic Index Final (August)

· Singapore URA Property Index Q3/ Industrial Production (September)

· Malaysia Coincident Index (August)/ Leading Index (August)

· India HSBC Composite/ Services/ Manufacturing PMI Flash (October)/ Foreign Exchange Reserves (October/17)

· Taiwan Unemployment Rate (September)

· Hong Kong Business Confidence Q4

· China FDI (YTD) (September)

Europe

Political/Social Events –

· Ireland holds Presidential elections.

· European Commission Ursula von der Leyen, together with António Costa, President of the European Council, meets with Shavkat Mirziyoyev, President of Uzbekistan, in Brussels, Belgium.

Economic & Financial Reports/Events –

· European Central Bank Board Member Piero Cipollone participates in a fireside chat titled 'Il nuovo quadro della finanza internationale' at Cambio di Paradigma organized by Il Mattino in Naples, Italy.

· European Central Bank Governing Council members Joachim Nagel and Francois Villeroy de Galhau speak at the Berlin Global Dialogue.

· Great Britain Gfk Consumer Confidence (October)/ Car Production (September)/ Retail Sales (September)/ S&P Global Composite/ Services/ Manufacturing PMI Flash (October)

· France Consumer Confidence (October)/ HCOB Composite/ Services/ Manufacturing PMI Flash (October)

· Spain Unemployment Rate Q3/ PPI (September)

· Germany HCOB Composite/ Services/ Manufacturing PMI Flash (October)

· Euro Area HCOB Composite/ Services/ Manufacturing PMI Flash (October)/ECB Consumer Inflation Expectations (September)

· Slovenia Tourist Arrivals (September)

· Russia Interest Rate Decision/ CBR Press Conference

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Today is Zambia's Independence Day.

Economic & Financial Reports/Events –

· Nothing significant to report.

Saturday, October 25, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Argentina Midterm Legislative Elections

Asia

Political/Social Events –

· In Japan, the Mount Fuji Dialogue begins. The gathering unites influential government officials and businesspeople from the U.S. and Japan, will be held in Tokyo. Hosted by the Japan Center for Economic Research and the Japan Institute of International Affairs, the annual event comes amid flaring U.S.-China tensions and political uncertainty in Japan.

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· European Commission President Ursula von der Leyen delivers a speech at the 2025 Berlin Global Dialogue in Brussels, Belgium.

· Bosnia and Herzegovina holds a referendum in the ethnic Republika Srpska to vote on whether they accept the courts’ decision to convict Milorad Dodik and later to remove him as RS president. Dodik has also stated that a referendum on independence for the Serbian entity might be held at a future date.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Consumer Confidence (September)

Africa

Political/Social Events –

· The Ivory Coast holds presidential elections.

Economic & Financial Reports/Events –

· Nothing significant to report.

Sunday, October 26, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Argentina holds elections for the Chamber of Deputies and the Senate.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· In the UK and EU, it is the end of Summer Time – clocks get set back one hour.

Economic & Financial Reports/Events –

· Ireland Consumer Confidence (October)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Saudi Arabia Imports/ Exports/ Balance of Trade (August)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Francis Kelly 10/18/25 Francis Kelly 10/18/25

U.S. Financial Regulatory Week Ahead

There is No End to the Government Shutdown In Sight, the Senate Banking Committee holds a Prudential Regulator Hearing, the Fed Holds Its Payments Conference, and SIFMA and ABA hold their Annual Meetings

October 20 - 24, 2025

The federal government shutdown continues into its fourth week. Our assessment is that the shutdown will go on for another two to three weeks – perhaps longer – as there seems to be little incentive or energy in Congress to settle the funding dispute. And the House of Representatives remains out of session and will remain out until a deal is cut between Republicans and Democrats in the Senate.

But there are still several important events this coming week of importance to the markets. The most important being a hearing entitled “Rightsizing Regulation” in the Senate Banking Committee, where all the major prudential regulators will testify. The hearing seems to be a prelude to the much-discussed bank regulatory reform effort the Treasury Department has been discussing over the last few months. So, this hearing may be quite worthwhile to watch.

Also this week, SIFMA and the American Bankers Association are holding their annual meetings – SIFMA’s in Washington, D.C., and the ABA’s in Charlotte, North Carolina. SEC Chair Paul Atkins will headline the SIFMA event while Comptroller of the Currency Jonathan Gould will keynote the ABA meeting.

Looking back at last week, we note a speech Atkins gave at the University of Delaware’s John Weinberg Center for Corporate Governance’s 25th Anniversary Gala. Atkins revealed he has directed the SEC staff to review Rule 14a-8, the regulation that allows a company’s shareholders to request that a proposal be included in the company’s official proxy statement for shareholders to vote on.

Also, last week, as part of the 2026 SEC budget proposal, the Public Company Accounting Oversight Board (PCAOB) proposed a 20% cut to the salaries of its board members. Currently, the PBAOB Chair makes $637,000 a year (meanwhile, the President of the United States makes $200,000 a year).

Below is a listing of all the rest of the major regulatory events in the coming week. Please let us know if you have any questions.

U.S. Congressional Hearings

U.S. Senate

· Tuesday, October 21, 10:00 a.m. – The Senate Banking Committee’s Subcommittee on Housing, Transportation, and Community Development will hold a hearing entitled “Innovation in US Housing: Solutions and Policies for America’s Future.”

· Thursday, October 23, 10:00 a.m. – The Senate Banking Committee will hold a hearing entitled “Update from the Prudential Regulators: Rightsizing Regulation to Promote American Opportunity.” Testifying will be Michelle Bowman, Vice Chair for Supervision, Board of Governors of the Federal Reserve System; Travis Hill, Acting Chairman, Federal Deposit Insurance Corporation; Jonathan Gould, Comptroller, Office of the Comptroller of the Currency; and Kyle Hauptman, Chairman, National Credit Union Administration.

House of Representatives

· The House of Representatives is out of session. Speaker of the House Michael Johnson (R-LA) has stated the House will remain out until the government shutdown ends.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

· Tuesday, October 21, 8:00 a.m. – 3:45 p.m. – The Federal Reserve holds its Payments Innovation Conference in Washington, D.C.

· Tuesday, October 21, 9:00 a.m. – Federal Governor Christopher J. Waller will give opening remarks at the Federal Reserve Board’s Payments Innovation Conference, Washington, D.C

· Wednesday, October 22, 4:00 p.m. – Federal Reserve Board Governor Michael Barr will give a speech on financial inclusion at the Crossing the Credit Barrier Conference hosted by the Federal Reserve Bank of St. Louis, St. Louis, Mo. (via pre-recorded video)

· Thursday, October 23, 10:00 a.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman will testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

· Thursday, October 23, 10:25 a.m. – Federal Reserve Governor Michael Barr will give a speech on community investment at the Novogradac 2025 Fall New Markets Tax Credit Conference, New Orleans, Louisiana.

· Friday, October 24, 2:00 p.m. – The Federal Reserve Board of Governors will hold an Open Board Meeting. The Board will consider proposals to enhance the transparency and public accountability of the Board’s stress testing framework and request comments on the scenarios for the Board’s 2026 supervisory stress test.

U.S. Treasury Department

· Monday, October 20, 10:30 a.m. – Ken Kies, Assistant Treasury Secretary for Tax Policy and Acting IRS Chief Counsel, delivers remarks on "his career path, his experience with other major tax legislation, and the challenges of juggling the Assistant Secretary and Chief Counsel positions” at the American Bar Association’s 2025 Fall Tax Meeting in Washington, D.C.

Department of Commerce

· There are no significant events scheduled at this time.

Department of Housing and Urban Development

· There are no significant events scheduled at this time.

Securities and Exchange Commission

· Tuesday, October 21, 8:50 a.m. – SEC Chair Paul Atkins will participate in a fireside talk with SIFMA President and CEO Ken Benstsen at the SIFMA Annual Meeting in Washington, D.C..

Commodities Futures Trading Commission

· There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

· There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

· Tuesday, October 20, 8:30 a.m. – Comptroller of the Currency Jonathan Gould will discuss priorities and agency initiatives at the American Bankers Association’s Annual Convention in Charlotte, North Carolina.

The Consumer Financial Protection Bureau

· There are no significant events scheduled at this time.

Federal Housing Finance Agency

· There are no significant events scheduled at this time.

FINRA

· There are no significant events scheduled at this time.

National Credit Union Administration

· There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

· There are no significant events scheduled at this time.

Farm Credit Administration

· There are no significant events scheduled at this time.

Farm Credit System Insurance Corporation

· There are no significant events scheduled at this time.

International Monetary Fund & World Bank

· There are no significant events scheduled at this time.

North American Securities Administrators Association

· There are no significant events scheduled at this time.

Small Business Administration

· There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

· Monday – Tuesday, October 20 – 21 – SIFMA holds its Annual Meeting in Washington, D.C.

Think Tanks and Other Events

· Tuesday, October 20, 10:00 a.m. – The Brookings Institution will hold a hybrid event entitled “Are Geopolitics Leading to Fragmentation of the International Financial System?”

Please let us know if you have any questions or would like to be added to our email distribution list.

Francis Kelly 10/17/25 Francis Kelly 10/17/25

U.S. Financial Regulatory Week Ahead

The Federal Government Remains Shut, and the House is Out of Session. But it is IMF/World Bank Week, and the IIF, STA, and Fintech Foundation Host Big Conferences

October 13 - 17, 2025

Next week is going to be a particularly odd week: It is Columbus Day today (Monday - a federal holiday), but the Federal Government is shut down and will likely remain shut down all week, and as a result, there are no Congressional hearings scheduled (indeed, the House is going to remain out of session until the shutdown ends).

However, Washington will also be extremely busy, as it is also hosting the annual International Monetary Fund and World Bank meetings, bringing finance ministers from around the world to the city (heads-up: expect lots of motorcades and closed-off streets).

There will be, however, a number of speeches being given by Federal Reserve Board and regional Fed Presidents – including a speech by Fed Chair Jay Powell on the economic outlook. Considering the lack of economic reports from the federal government due to the shutdown, Powell’s speech will be closely watched in advance of the upcoming Fed interest rate meeting. And Fed Vice Chair for Supervision Michelle Bowman will be speaking twice this week on regulatory issues.

Arguably, the biggest events this week will be the Institute for International Finance’s annual 2025 members meeting, the Securities Traders Association annual conference, and the Fintech Week 2025 conference. Between the two conferences, several regulators will be speaking.

Below is a listing of all the rest of the major regulatory events in the coming week. Please let us know if you have any questions.

U.S. Congressional Hearings

U.S. Senate

· There are no significant hearings scheduled at this time. A number of committee hearings have been postponed due to the federal government shutdown.

House of Representatives

· The House of Representatives is out of session. Speaker of the House Michael Johnson (R-LA) has stated the House will remain out until the government shutdown ends.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

· Monday, October 13, Noon – Philadelphia Federal Reserve Bank President Anna Paulson speaks on “A View from the Federal Reserve Bank of Philadelphia" before the National Association for Business Economics 67th Annual Meeting," Global Economy in Transition: Finding Opportunity Amid Disruption.”

· Tuesday, October 14, 8:45 a.m. – Federal Reserve Vice Chair for Supervision Michelle Bowman will speak at the 2025 Institute of International Finance (IIF) Annual Membership Meeting, Washington, D.C.

· Tuesday, October 14, 12:30 p.m. – Federal Reserve Board Chair Jerome H. Powell gives a speech entitled “ Economic Outlook and Monetary Policy” at the National Association for Business Economics (NABE) Annual Meeting, Philadelphia, Pennsylvania.

· Tuesday, October 14, 3:25 p.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on payments at the 2025 Institute of International Finance (IIF) Annual Membership Meeting, Washington, D.C.

· Tuesday, October 14, 3:30 p.m. – Boston Federal Reserve Bank President Susan Collins speaks and participates in a moderated question-and-answer session before the Greater Boston Chamber of Commerce.

· Wednesday, October 15, 9:30 a.m. – Federal Reserve Board Governor Stephen Miran participates in a conversation at the CNBC Invest in America Forum (virtual).

· Wednesday, October 15, 12:30 p.m. – Federal Reserve Board Governor Stephen Miran participates in a conversation at the Nomura Research Forum in Washington, D.C.

· Wednesday, October 15, 12:10 p.m. – Atlanta Federal Reserve Bank President Raphael Bostic participates in a moderated conversation and Q&A on “Economic Mobility" before the United Way Regional Summit on Economic Mobility for Children and Youth.

· Wednesday, October 15, 1:00 p.m. – Federal Reserve Board Governor Christopher Waller speaks on artificial intelligence at the 2025 D Fintech Week.

· Thursday, October 16, 8:00 a.m. – Richmond Federal Reserve Bank President Thomas Barkin speaks on "Staying Sanguine About the Horizon" before a virtual Aiken County Chamber of Commerce event.

· Thursday, October 16, 9:00 a.m. – Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the C. Peter McColough Series on International Economics with Governor Christopher J. Waller, New York, New York.

· Thursday, October 16, 9:00 a.m. – Federal Reserve Board Governor Michael S. Barr gives a speech at the 2025 DC Fintech Week, Washington, D.C.

· Thursday, October 16, 9:00 a.m. – Federal Reserve Board Governor Stephen I. Miran speaks at the 2025 Institute of International Finance (IIF) Annual Membership Meeting, Washington, D.C.

· Thursday, October 16, 10:00 a.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman speaks at the 2025 Federal Reserve Stress Testing Research Conference (virtual).

· Thursday, October 16, 12:45 p.m. – Richmond Federal Reserve Bank President Thomas Barkin speaks on "Staying Sanguine About the Horizon" before the Richmond Association for Business Economics.

· Thursday, October 16, 4:15 p.m. – Federal Reserve Board Governor Stephen I. Miran speaks at the Semafor Fall 2025 World Economy Summit, Washington, D.C.

· Thursday, October 16, 4:30 p.m. – Richmond Federal Reserve Bank President Thomas Barkin speaks on "Staying Sanguine About the Horizon" before the Richmond Risk Management Association.

· Thursday, October 16, 6:00 p.m. – Minneapolis Federal Reserve Bank President Neel Kashkari participates in a town hall hosted by Elevate Rapid City.

· Friday, October 17, 12:15 p.m. – St. Louis Federal Reserve Bank President Alberto Musalem discusses the U.S. economy and monetary policy before the Institute for International Finance Annual Membership Meeting.

U.S. Treasury Department

· There are no significant events scheduled at this time.

Department of Commerce

· There are no significant events scheduled at this time.

Department of Housing and Urban Development

· There are no significant events scheduled at this time.

Securities and Exchange Commission

· Wednesday, October 15, 4:00 p.m. – SEC Chair Paul Atkins will give the keynote speech at the DC Fintech Week 2025.

· Thursday, October 16, 9:00 a.m. – SEC Chair Paul Atkins participates in a fireside chat at the Securities Traders Association Annual Conference in Washington, D.C.

Commodities Futures Trading Commission

· There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

Tuesday, October 15, 9:00 a.m. – Acting Federal Deposit Insurance Corporation Chairman Travis Hill delivers remarks on "The Banking Revolution" at the D.C. Fintech Week 2025 Conference.

Office of the Comptroller of the Currency

· There are no significant events scheduled at this time.

The Consumer Financial Protection Bureau

· There are no significant events scheduled at this time.

Federal Housing Finance Agency

· There are no significant events scheduled at this time.

FINRA

· Wednesday, October 15, 1:30 p.m. – FINRA President and CEO Robert Cook speaks at the Securities Traders Association annual conference in Washington, D.C.

National Credit Union Administration

· There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

· There are no significant events scheduled at this time.

Farm Credit Administration

· There are no significant events scheduled at this time.

Farm Credit System Insurance Corporation

· There are no significant events scheduled at this time.

International Monetary Fund & World Bank

· It is IMF/World Bank 2025 Annual Meeting week.

North American Securities Administrators Association

· There are no significant events scheduled at this time.

Small Business Administration

· There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

There are no significant events scheduled at this time.

Think Tanks and Other Events

· Tuesday – Friday, October 14 – 17 – The Institute for International Finance holds their 2025 Annual Membership Meeting in Washington, D.C. You can see the long list of speakers HERE.

· Tuesday, October 14, 3:00 p.m. – Maurice Obstfeld, PIIE C. Fred Bergsten senior fellow, joins Anjali V. Bhatt, PIIE communications manager and research fellow, for a live, virtual conversation about tariffs in the US as fiscal policy , the future of the US-centric, dollar-based international monetary and financial system, and other topics.

· October 15 – 16 – The Fintech Foundation holds its D.C. Fintech Week 2025. You can see the schedule of speakers HERE.

· October 15 – 17 – The Securities Traders Association holds its 92nd Annual Market Structure Conference in Washington, D.C.

· Wednesday, October 15, 11:00 a.m. – The Cato Institute holds an event entitled “Fifty-Five Years of the Bank Secrecy Act.”

· Wednesday, October 15, Noon – Representative Andy Barry (R-KY), Chair of the House Financial Services Committee’s Financial Institutions and Monetary Policy Subcommittee, will speak at the Exchequer Club in Washington, D.C.

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Fulcrum Perspectives

U.S. Financial Regulatory Week Ahead

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October 19 - 26, 2025

Sunday, October 19, 2025

U.S. Financial Regulatory Week Ahead

There is No End to the Government Shutdown In Sight, the Senate Banking Committee holds a Prudential Regulator Hearing, the Fed Holds Its Payments Conference, and SIFMA and ABA hold their Annual Meetings

October 20 - 24, 2025

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