The Fed's first hike since 2023, InPost's $8.95B take-private, and the Sep. 14–18 Wall Street week (2026)

A rate shock set the terms of the week: the Federal Reserve raised its benchmark interest rate for the first time since July 2023 on Wednesday, Sept. 16, 2026, and the 10-year Treasury yield had touched 5.041% a day earlier, its highest level since 2007 1 2. This issue covers Monday, Sept. 14 through Sunday, Sept. 20, 2026 ET.

IPOs and listings

Three operating companies and two blank-check vehicles priced offerings in the week of Sept. 14–18. Two of the three operating deals finished below their offer prices, and the week's largest scheduled listing never reached the market 3.

Issuer	Deal size	Market cap at IPO	Price vs. midpoint	Return at Sep. 18
American Savings Bank (`ASBH`) 3	$129M	$1,044M	0%	+9.8%
Orion180 Insurance Group (`OIG`) 3	$240M	$1,213M	−25%	−2.8%
Electra Therapeutics (`ETRA`) 3	$350M	$1,001M	0%	−11.7%

Antibody developer Electra Therapeutics priced the largest of the three, upsized at the midpoint of its range to raise $350 million at a $1 billion market capitalization, and finished the week down 11.7% 3. The company's lead candidate, ipsoprubart, is a pan-SIRP monoclonal antibody designed to deplete pathological myeloid cells and T cells 3.

Orion180 Insurance Group, a catastrophe-focused excess-and-surplus home insurer, priced below its range to raise $240 million at a $1.2 billion market capitalization and closed down 2.8% 3. The company describes itself as the second-largest E&S homeowners' insurer in the United States by direct written premiums, with business in 14 states, about $601 million of managed premiums written in the twelve months to June 30, 2026, and more than 670,000 policies sold since inception 3.

American Savings Bank, a Hawaii community bank with 35 branches and more than 120 ATMs, priced upsized at the midpoint to raise $129 million and gained 9.8% over the week, the only one of the three to finish higher 3.

Two blank-check vehicles also priced. Haymaker Acquisition V (HYACU) raised $250 million for industrial and consumer products and services targets, and Leader's Advantage Acquisition (LEDRU) raised $150 million for chemicals and healthcare targets 3.

Holtec Nuclear postponed its proposed $825 million IPO ahead of a planned Friday listing 3.

Five companies filed for IPOs and three SPACs registered offerings. The largest, UK data-center and AI infrastructure provider Nscale, filed to raise an estimated $2.0 billion with Goldman Sachs as lead underwriter 3. Nscale reported revenue of $140.6 million for the six months to June 30, 2026, up 1,252% from $10.4 million a year earlier, against a net loss of $1.02 billion 4. The filing discloses more than $103 billion of total contracted value, and also that a single customer accounted for 52% of first-half revenue 4. Nscale plans to list on the NYSE under the symbol NSCL, with Goldman Sachs, J.P. Morgan and Morgan Stanley as lead underwriters 4. CNBC reported that the company is targeting a valuation of about $30 billion, against $14.6 billion in its March funding round 4.

The rest of the filing slate:

TRXB TRex Bio: $100 million, phase 1 biotech for autoimmune and inflammatory diseases, J.P. Morgan as lead 3.
RTSN Retension Pharmaceuticals: $58 million, phase 2b hypertension drug developer, Leerink Partners as lead 3.
VME VME Companies: $30 million, process modules and separation equipment for offshore oil and gas, Kingswood as lead 3.
STNF Santa Ana Global: $16 million, Latin American real estate developer, ThinkEquity as lead 3.
LCACU Lower Cross Acquisitions: $200 million SPAC for healthcare and insurance targets, BTIG as lead 3.
OHIIU Oceanhawk Acquisition II: $150 million SPAC, second vehicle backed by OceanHawk, StoneX as lead 3.
SCQCU SPACCircle Acquisition: $150 million SPAC for digital asset, technology and healthcare targets, D. Boral Capital as lead 3.

As of Sept. 17, the Renaissance IPO Index was up 14.7% for the year, against 12.5% for the S&P 500 3.

Two listings are scheduled for the week of Sept. 21. Bamboo Insurance Services (BMB) plans to raise $665 million at a $3.3 billion market capitalization, and Amaero (AMRO) plans to raise $53 million at $221 million 5.

M&A

An offer agreed in February reached its threshold and effectively closed the largest deal of the week. A consortium of FedEx, Advent International and other InPost investors reported 89.81% of InPost shares tendered, clearing the minimum acceptance threshold of 80% 6. The consortium is paying €15.60 per share in cash, valuing the Polish parcel-locker operator at about €7.8 billion, or $8.95 billion 6. InPost operates parcel-locker networks in nine countries, and will keep its name, management structure and headquarters in Poland while delisting from Euronext Amsterdam once the transaction closes 6.

Other deals signed during the week:

Grab–Atome Financial: Grab will take an initial 60% of the Singapore buy-now-pay-later lender for $1.49 billion, with the remaining 40% to be bought about two years after closing under a framework tied to Atome's EBITDA and revenue. The structure values Atome at between $2 billion and $4.5 billion, and Grab expects to complete the first step by the third quarter of 2027 7. Alongside the deal, Grab raised its 2028 targets to $1.7 billion of adjusted EBITDA and annual revenue growth above 30% from 2025 7.
DoorDash–Wonder: DoorDash agreed on Sept. 15 to buy Wonder's Grubhub Campus Dining business for $300 million and to make a long-term investment of $125 million in Wonder's Series D round 8.
Telix Pharmaceuticals–ITM Isotope Technologies Munich: Telix agreed on Sunday, Sept. 20 to acquire the German radiopharmaceutical maker for about $1.65 billion on a cash- and debt-free basis 9.
Haniel–Carlyle/CVC: Haniel agreed to sell a majority stake in Dutch security-technology provider BauWatch to Carlyle and CVC. Haniel keeps a 10% stake, and the purchase price was not disclosed 10.

Four deals already signed ran into regulators or cleared them:

The FCC approved a Paramount Skydance request to let foreign investors back its $110 billion acquisition of Warner Bros. Discovery, on the condition that they hold no voting stock 11.
Caesars Entertainment and Fertitta Entertainment received a second request for information from the Federal Trade Commission on their proposed buyout 12.
Britain's competition watchdog opened a probe into AkzoNobel's $25 billion merger with Axalta 13.
EU antitrust regulators are set to block UPM-Kymmene and Sappi's €1.42 billion ($1.66 billion) paper joint venture after the companies declined to offer concessions 14.

Regulatory and policy

The Federal Open Market Committee raised the target range for the federal funds rate by a quarter point to 3.75%–4% on Sept. 16, in a 12–0 vote and the first increase since July 2023 15. The statement said inflation "remains elevated" and that the action would support a timelier return to the committee's 2% goal 15. The Board of Governors raised the interest rate paid on reserve balances to 3.90% and the primary credit rate to 4.0%, both effective Sept. 17 16.

Updated projections showed 16 of the 18 participants expecting another increase this year, four of them seeing two more; the committee lifted its 2026 headline PCE inflation forecast to 3.7% and core to 3.4%, lowered its unemployment-rate outlook to 4.1%, and pushed its expected return to 2% inflation out to 2029 1. Chairman Kevin Warsh said inflation had been "too high ... for too long" 1. Treasury yields fell after the announcement and the S&P 500 rose 1.

The Securities and Exchange Commission issued its largest market-structure action of the week on Sept. 17. The "Innovation Exemption" grants temporary, conditional relief to Tokenized Securities Venues from the Exchange Act's definition of "exchange," letting them trade tokenized National Market System stock through permissioned automated market maker liquidity pools 17. The conditions require limits on the number of symbols and volume traded, verification that tokenized stock carries the same rights as the underlying class, written notice and an objection window for an issuer whose stock is tokenized by an unaffiliated third party, auditable and public smart contracts on a permissionless ledger, trading halts synchronized with the primary listing exchange, and public disclosure of the venue's own and affiliate trading 17. The order also grants a conditional exemption from the "dealer" definition to AMM liquidity providers, and expires five years after publication. Comment is open 17.

On Sept. 16 the Commission proposed rescinding Rule 14a-8, the rule governing shareholder proposals, on the grounds that it exceeds the Commission's statutory authority and leaves the question to state law and company governing documents 18. A companion proposal would amend Rule 14a-4(c) on discretionary proxy authority, and a separate release would eliminate the annual-report delivery requirement, the delivery deadline for documents incorporated by reference, and Notices of Exempt Solicitation, and would shorten the minimum broker search period from 20 business days to five 18. Comments stay open for 60 days after the proposals are published in the Federal Register 18.

The SEC also granted exemptive relief from certain Inline XBRL filing and submission requirements on Sept. 14 19.

On Sunday, Sept. 20, Treasury Secretary Scott Bessent and China's vice premier He Lifeng opened talks on AI, trade and critical minerals in New York 20.

Earnings and market-moving results

Lennar reported fiscal third-quarter net earnings of $284 million, or $1.19 per diluted share, on Sept. 16, down from $591 million, or $2.29 per diluted share, a year earlier 21. Revenue from home sales fell 6% to $7.7 billion, as deliveries slipped 3% to 20,840 homes and the average sales price fell to $372,000 from $383,000. Gross margin on home sales narrowed to 15.8% from 17.5%, and selling, general and administrative expenses rose to 9.2% of home sales from 8.2% 21.

Executive Chairman and Chief Executive Stuart Miller said mortgage rates rose through the quarter, with the 30-year rate near 6.8% at quarter end and higher since, and that the environment "has deteriorated since our last earnings call" 21. Lennar cut its full-year 2026 delivery target to about 80,000 to 81,000 homes from 82,000 to 83,000, guided fourth-quarter gross margin to 15.5%–16.0%, and repurchased 3 million shares for $256 million at an average price of $85.49 21.

Three other companies reported during the week:

Forgent Power Solutions (FPS), fiscal fourth quarter reported Sept. 15: revenue of $462 million, up 94% year over year; bookings of $1,503 million, up 375%, for a 3.3x book-to-bill ratio; backlog of $3.0 billion, up 256%; net income of $66 million against a $4.8 million loss a year earlier; adjusted EBITDA of $113 million, up 163% 22. The maker of electrical distribution equipment guided fiscal 2027 revenue to $2.4 billion–$2.6 billion, 76% growth at the midpoint 22.
Trip.com Group (TCOM), second quarter reported Sept. 15: total net revenue of RMB15.7 billion ($2.3 billion), up 6% year over year, with accommodation reservation revenue up 6%, packaged tours up 8%, corporate travel up 11% and transportation ticketing down 1% 23. The quarter produced a net loss of RMB2.4 billion ($361 million) after a RMB5.2 billion ($763 million) penalty from China's State Administration for Market Regulation; excluding the penalty, net income would have been RMB2.7 billion ($402 million) 23.
Dave & Buster's Entertainment (PLAY), second quarter reported Sept. 14: revenue of $544.1 million, down 2.4%, with comparable store sales down 2.9%; net loss of $12.5 million, or $0.36 per diluted share, against net income of $11.4 million, or $0.32 per diluted share, a year earlier; adjusted EBITDA of $98.9 million against $129.8 million 24. The shares fell 11.4% to $7.51 in the following session, as reported by Benzinga 25.

Major financings

CoreWeave said on Sept. 17 it plans to raise $3 billion through a convertible debt offering, with initial buyers able to take a further $500 million, and launched an at-the-market stock program for up to 35 million shares — roughly $2.92 billion at Wednesday's closing price 26. Deutsche Bank, Goldman Sachs and J.P. Morgan are among the banks managing the equity program, which CoreWeave describes as part of its effort to move toward an investment-grade credit profile 26.

The company said it signed third-quarter customer contracts for compute capacity priced at about $40 million per megawatt on an annualized basis, and raised contracted power to about 4.2 gigawatts from 3.7 GW at the end of June 26. Revenue backlog stood at $104.2 billion at the end of the second quarter, with more than $25 billion of additional customer commitments signed early in the third 26. CoreWeave shares fell more than 3% in early trading on Sept. 17 and had gained over 16% for the year through the previous close 26.

Four other financings of scale priced or launched:

CleanSpark (CLSK): subsidiary CSDC Finance I priced $2.276 billion of 7.875% senior secured notes due 2031 at 98.5% of par, with the offering expected to close Sept. 25 and proceeds earmarked to complete the company's Sandersville, Georgia facility and repay existing debt 27. Bloomberg reported orders of about $10 billion, more than four times the deal, for the first junk-bond offering tied to a data center leased to Meta, priced to yield 8.25% 28.
World Bank International Development Association: priced a $3 billion Global Sustainable Development Bond on Sept. 15 from an order book of nearly $8 billion, carrying a 4.875% coupon, settling Sept. 25, 2026 and maturing Sept. 25, 2031 29. Bank of America, BMO Capital Markets, Citi and JPMorgan led the transaction, the first US dollar issuance since the IDA received an SEC filing exemption that puts it on the same footing as other multilateral development banks 29.
Nscale: the AI cloud provider agreed to sell $3.1 billion of convertible bonds to investors, including $1 billion to Nvidia, according to the IPO filing it submitted on Sept. 18 4.
Hong Kong listings: four Chinese companies launched separate Hong Kong share sales seeking up to a combined HK$14.35 billion ($1.83 billion), exchange filings showed, with automation-equipment maker RoboTechnik accounting for the largest portion 30.