6 Things to Watch on the Economic Calendar This Week

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1. FOMC rate decision

The Federal Reserve is not expected to take action on interest rates at the conclusion of its two day policy meeting at 20:00 GMT on Wednesday, but it will be watched for any change in tone about the economy or future rate hikes.
Many in the market anticipate the pace of future increases to be gradual amid concerns over tepid growth overseas and indications that U.S. economic growth stalled in the fourth quarter.


2. U.S. fourth quarter growth data

The U.S. is to release figures on fourth quarter economic growth at 14:30 GMT on Friday. The data is expected to show that the economy expanded 0.8% in the final three months of last year, slowing from growth of 2.0% in the third quarter, as a weaker global economy took its toll.


3. BoJ policy announcement

The Bank of Japan’s latest monetary policy announcement is due during Asian morning hours on Friday, amid speculation recent market turmoil could lead the central bank to consider more asset purchases.
Bank of Japan Governor Haruhiko Kuroda said Friday at the World Economic Forum in Davos there is further room for the BoJ to expand its quantitative easing program if inflation continues to be impacted by the oil price slump and slowing economic growth.


4. Euro zone flash January inflation figures

The euro zone will publish flash inflation figures for January at 11:00 GMT, Friday. The consensus forecast is that the report will show consumer prices inched up 0.4% this month, accelerating from 0.2% a month earlier.
European Central Bank Mario Draghi signaled last week that fresh easing measures could be rolled out as soon as the bank’s next meeting in March in response to sluggish inflation and a weakening global economy.


5. U.K. Q4 GDP

The Office for National Statistics is to produce data on U.K. economic growth for the fourth quarter at 10:30 GMT, on Thursday. The report is forecast to reveal the economy grew 0.5% in the three months ended December 31, after expanding 0.4% in the preceding quarter.
6. Australian CPI

The Australian economy is going to be publishing data on Consumer Price Index for the fourth quarter at 1:30 GMT, on Wednesday. The data is expected to show that the economy contracted 0.3% in the final three months of last year, slowing from growth of 0.5% in the third quarter.

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