The Week Ahead...

The week is packed with news, centered in Wednesday's FOMC announcement where global risks and the outlook for inflation are likely to receive important updates. Key data begin on Tuesday with FHFA and Case-Shiller reports on home prices where growth rates, compared to price readings in general, have been solid. New home sales, which have been up-and-down, follow on Wednesday with durable orders, which have been mostly down, on Thursday. The first look at fourth-quarter GDP, where consensus growth is just 0.9 percent, starts a heavy Friday calendar where the highlight, however, may prove to be the employment cost index. The ECI is expected to show a second strong gain, one that could lift expectations for wage pressures and for inflation with it.