The Federal Reserve will announce its latest decision on interest rates when it concludes its meeting on Wednesday, with investors widely anticipating the central bank to cut rates again. After the announcement, Fed Chair Jerome Powell will take media questions and will likely provide more details on the economy.

On Friday, the personal consumption expenditures (PCE) report will show whether inflation remains above the Fed’s target level. Revisions to third-quarter gross domestic product (GDP) are also scheduled this week, and investors will be watching reports on retail sales, existing home sales, and consumer sentiment. 

Nvidia (NVDA) partner Micron Technology (MU) will issue its quarterly earnings this week, with reports also coming from footwear leader Nike (NKE), business advisors Accenture (ACN), delivery giant FedEx (FDX), and cruise operator Carnival (CCL).

Monday, Dec. 16

• S&P flash U.S. PMI (December)
• Empire State manufacturing survey (December)

Tuesday, Dec. 17

• U.S. retail sales (November)
• Industrial production and capacity utilization (November)
• Business inventories (November)
• Homebuilder confidence index (December)
• Federal Open Market Committee (FOMC) meeting begins

Wednesday, Dec. 18

• Housing starts and building permits (November)
• FOMC interest rate decision
• Federal Reserve Chair Jerome Powell press conference
• Micron Technology, Lennar (LEN), General Mills (GIS), and Toro (TTC) report earnings

Thursday, Dec. 19

• Initial jobless claims (Week ending Dec. 14)
• Gross domestic product (second revision) (Q3)
• Philadelphia Manufacturing Survey (December)
• Existing home sales (November)
• U.S. leading economic indicators (November)
• Accenture, Nike, Cintas (CTAS), FedEx, and Paychex (PAYX) report earnings

Friday, Dec. 20

• Personal consumption expenditures (PCE) index (November)
• Consumer sentiment (final) (December)
• Carnival Corporation and Winnebago Industries (WGO) report earnings

Investors Focused on Fed Rate-Cut Decision, Powell Remarks, Inflation Report 

Market watchers will be closely following the Federal Reserve this week as it meets for the final time this year. Investors are anticipating that the Federal Open Market Committee (FOMC) will approve another interest-rate cut from the current federal funds rate level of 4.50% to 4.75% when the meeting concludes on Wednesday. It would be the third straight meeting in which the Fed has cut interest rates.

After the meeting, Fed Chair Jerome Powell will deliver remarks that will be closely followed by market participants. 

Investors will get another key piece of economic data on Friday with the release of the personal consumption expenditures (PCE) inflation index for November. The release comes after other inflation measurements showed price increases accelerated in November.  Before that, GDP revisions on Thursday will show whether the economy maintained the 2.8% third-quarter growth rate that had been previously calculated.

Other noteworthy economic data coming this week includes November retail sales data on Tuesday, existing home sales on Thursday, and consumer sentiment on Friday.

Investors Await Reports from Chipmaker Micron, Shoe Manufacturer Nike

Micron Technology’s earnings report on Wednesday follows the announcement last week that the chipmaker will receive a $6.2 billion Commerce Department grant to make semiconductors in the U.S. as part of the CHIPS and Science Act of 2022. A partner of Nvidia, Micron nearly doubled its revenue in its most recent quarterly report, shooting past analyst estimates. 

Athletic apparel giant Nike on Thursday will issue its first earnings report since Chief Executive Officer (CEO) Elliott Hill returned to lead the company after his 2020 retirement. Nike shares are down nearly 30% so far this year but have rebounded some in the past month.

The Thursday earnings report from FedEx comes after the delivery giant lowered its earnings and revenue projections on declining shipping volumes. Business management consulting firm Accenture will report its earnings Thursday amid an increase in bookings resulting from higher demand for its generative artificial intelligence (Gen AI) services.

General Mills’ report on Wednesday will shine a light on the health of the consumer after the cereal maker suffered a drop in sales during the prior quarter. On the same day, the earnings report from Lennar comes as the homebuilder’s recent outlook disappointed investors. 

Lawn mower seller Toro will report its earnings on Wednesday, while cruise company Carnival and recreational vehicle maker Winnebago will report on Friday.