The Week Ahead...

What is likely to be a history making week kicks off Tuesday with consumer prices where the core rate, just over 2 percent, has been showing the most pressure of any inflation reading. Housing starts and permits, which have been up and down, will share Wednesday morning with industrial production where a decline in utility output could mask a slight gain for manufacturing. Wednesday afternoon will be devoted to the FOMC where the first rate hike of the cycle is expected. FOMC forecasts will be updated and Janet Yellen's press conference will follow. Jobless claims, where the sample week matches that of the monthly employment report, will highlight Thursday's calendar as will the Philly Fed which will offer the latest December update on manufacturing.