Fed Closely Watched This Week Amongst Many Factors

The Fed meets in the week ahead, but a commodities meltdown and the mixed earnings season are adding to concerns about global growth and may steal some of its thunder.

The Federal Open Market Committee is expected to discuss the path to normalizing interest rates during its two-day meeting, but is not expected to make major changes or even suggest when it might raise rates when it releases its statement Wednesday afternoon.

Instead, traders expect to glean more information about the Fed’s intentions from economic reports, like the first look at second-quarter GDP, expected Thursday, the employment cost index Friday or the July employment report the following week.