What to Expect in the Week Ahead (AAPL and AMZN Earnings, Fed Meeting, January Jobs Data)

The main event on this week's economic calendar will be Wednesday's conclusion of a two-day meeting of the Federal Open Market Committee. The central bank is widely expected to raise the federal-funds rate by a quarter of a percentage point, to a target range of 4.5% to 4.75%. As always, the post-meeting press conference with Chairman Jerome Powell will be closely watched for hints to the Fed's next moves.

The economic-data highlight of the week will be Friday's jobs report for January. Economist consensus calls for a 190,000-strong rise in nonfarm payrolls, following a gain of 223,000 in December. The unemployment rate is expected to tick up a tenth of a point, to 3.6%.

Other data out this week will include S&P CoreLogic's Case-Shiller National Home Price Index for November on Tuesday and the Bureau of Labor Statistics' Job Openings.

The Institute for Supply Management releases the Chicago Business Barometer for January. Consensus estimate is for a 45.3 reading, roughly even with December. The index has had four consecutive readings below 50, indicating a contracting economy. S&P CoreLogic releases the Case-Shiller National Home Price Index for November.

The Federal Open Market Committee announces its monetary-policy decision. The central bank is widely expected to raise the federal-funds rate by 25 basis points to 4.5%-4.75%. Wall Street is eager to hear from Fed Chairman Jerome Powell and glean any hints as to when the FOMC might pause its interest-rate hiking campaign.

ADP releases its National Employment Report for January. Expectations are for the economy to add 175,000 jobs after an increase of 235,000 in December.

The Bureau of Labor Statistics releases the Job Openings. The consensus call is for 10.3 million job openings on the last business day of December.

The BLS releases the jobs report for January. Economists forecast a 190,000 increase in nonfarm payrolls, after a 223,000 gain in December. The unemployment rate is expected to edge up to 3.6% from 3.5%.