Investing.com - In the week ahead, investors will be looking to Wednesday’s Federal Reserve policy statement for fresh guidance on the pace of interest rate hikes over the next several months.
Traders will also be awaiting monetary policy announcements from the Bank of Japan, the Bank of England and the Swiss National Bank.
Ahead of the coming week, Investing.com has compiled a list of the five biggest events on the economic calendar that are most likely to affect the markets.
1. Fed rate decision
The Federal Reserve is not expected to take action on interest rates at the conclusion of its two day policy meeting at 18:00GMT, or 2:00PM ET, on Wednesday. The central bank will also release its latest forecasts for economic growth and interest rates.
Fed Chair Janet Yellen is to hold what will be a closely-watched press conference 30 minutes after the release of the Fed's statement, as investors look for any change in tone about the economy or future rate hikes.
Many in the market anticipate the pace of increases to be gradual amid concerns over tepid growth overseas and divergent monetary policies between the U.S. and other nations.
2. BOJ policy announcement
The Bank of Japan's latest monetary policy announcement is due during Asian morning hours on Tuesday. Central bank Governor Haruhiko Kuroda will hold a press conference afterward.
The BOJ is widely expected to stand pat on monetary policy after January’s shock decision to adopt negative rates, but some speculate it could still cut rates deeper into negative territory as part of its ongoing effort to reflate a stagnant economy.
3. Bank of England "Super Thursday"
The Bank of England will release its rate decision and minutes of its Monetary Policy Committee meeting at 12:00GMT, or 8:00AM ET, on Thursday. Last month, the Monetary Policy Committee voted 9-0 to keep rates on hold at a record low 0.5%.
Expectations for a rate hike by the BOE have been recently pushed back to early-2017 due uncertainty over a June referendum on whether or not Britain should stay in the European Union.
4. SNB policy assessment
The Swiss National Bank's quarterly policy assessment is due on Thursday at 8:30GMT, or 4:30AM ET. Most economists expect the central bank’s benchmark interest rate to remain unchanged at -0.75%, despite speculation it may move further into negative territory following the European Central Bank’s aggressive easing last week.
The SNB will also issue updated growth and inflation forecasts.
5. U.S. retail sales, CPI data
The Commerce Department will publish data on retail sales for February at 12:30GMT, or 8:30AM ET, Tuesday. The consensus forecast is that the report will show retail sales fell 0.1% last month, after gaining 0.2% in January. Core sales are forecast to decline 0.2%, after rising 0.1% a month earlier.
On Wednesday, the U.S. will publish February inflation figures at 12:30GMT, or 8:30AM ET. Market analysts expect consumer prices to post a decline of 0.2%, while core inflation is forecast to increase 0.2%.
Stay up-to-date on all of this week's economic events by visiting: http://www.investing.com/economic-calendar/