Tariffs, the UN and the Fed headline the week ahead

By MarketsFOXBusiness

Who deserves credit for the booming economy?

Forbes Media Chairman Steve Forbes and American Action Forum president Doug Holtz-Eakin discuss who holds the sole responsibility for the surge in the U.S. economy.

The latest escalation in a heated trade war between the world's two largest economies went into effect Monday morning.

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The Trump administration placed tariffs of 10 percent on the $200 billion of Chinese products, with the tariffs to go up to 25 percent by the end of 2018. Beijing's new levies will be 5-10 percent.

The annual meeting of the United Nations General Assembly takes place this week. Traffic in New York is expected to be at a standstill. Security will also be tight.

President  Trump will host an event called "Global Call to Action on the World Drug Problem" - a day before he officially addresses the annual gathering of world leaders.

The Federal Reserve also meets on Tuesday.  The decision on interest rates will be announced on Wednesday. Fed Reserve Chairman Jerome Powell will also hold a news conference.

Earnings are due from  KB Home and  Nike.

The S&P/Case-Shiller home price report for July and also the latest on  consumer confidence are also due Tuesday.

New home sales are due on Wednesday along with earnings from CarMax and Bed Bath & Beyond.

Thursday has a full calendar when Federal Reserve Bank of Dallas President Robert Kaplan discusses "What You Really Need to Lead: the Power of Thinking and Acting Like an Owner" before the event, "Banking and the Economy: a Forum for Minorities in Banking."

Accenture, ConAgra, McCormick and Rite Aid will also report results.

On the economic front, traders will get the third and final read on 2Q GDP plus jobless claims,  durable goods, and pending home sales.

The week wraps up with speeches from Federal Reserve Bank of Richmond President Thomas Barkin and Federal Reserve Bank of New York President John Williams.

BlackBerry will report earnings, while traders will examine the latest data on personal income & spending and also consumer sentiment.