Interest-rate decisions from the Federal Reserve and other central banks, a slate of earnings reports, and more November inflation data will be this week's highlights.

The Federal Open Market Committee will conclude a two-day meeting on Wednesday. Markets are expecting a quarter of a percentage point cut to the federal-funds rate. The Bank of England and Bank of Japan will both announce monetary-policy decisions on Thursday.

Economic data to watch this week includes S&P Global's Manufacturing and Services Purchasing Managers' Indexes for December on Monday, the Census Bureau's retail sales data for November on Tuesday, and the Bureau of Economic Analysis' personal-consumption expenditures price index for November on Friday.

The highlights on the earnings calendar will be Birkenstock Holding, Lennar, and Micron Technology on Wednesday, then Accenture, Cintas, FedEx, and Nike on Thursday.

Monday 12/16

S&P Global releases both its Manufacturing and Services Purchasing Managers' Indexes for December. Economists forecast a 49.5 reading for the Manufacturing PMI and a 55.7 for the Services PMI. Both estimates would be slightly less than the November data.

Tuesday 12/17

Heico announces fourth-quarter fiscal-2024 results.

The Census Bureau reports retail and food-services sales data for November. Consensus estimate is for a 0.5% month-over-month increase, after a 0.4% gain in October. Excluding autos, sales are expected to rise 0.4%, three-tenths of a percentage point more than previously.

The National Association of Home Builders releases its Housing Market Index for December. Expectations are for a 47 reading, one point more than in November.

Wednesday 12/18

Birkenstock, General Mills, Jabil, Lennar, and Micron release earnings.

The Federal Open Market Committee announces its monetary policy decision and releases its quarterly Summary of Economic Projections. The FOMC is widely expected to cut the federal-funds rate by a quarter of a percentage point to 4.25% -- 4.50%. While the forecast for the December meeting seems clear, the outlook for 2025 is much hazier, with traders currently anticipating between two and three quarter-point rate cuts by year-end.

The Census Bureau reports new residential construction data for November. The consensus call is for a seasonally adjusted annual rate of 1.34 million privately-owned housing starts, 30,000 more than in October.

Thursday 12/19

Accenture, CarMax, Cintas, Conagra Brands, Darden Restaurants, FactSet Research Systems, FedEx, Lamb Weston Holdings, Nike, and Paychex report quarterly results.

The Bank of England and Bank of Japan announce monetary policy decisions. Both central banks are expected to keep their key short-term interest rates unchanged, at 4.75% and 0.25%, respectively.

The Bureau of Economic Analysis releases its third and final estimate of third-quarter gross-domestic-product growth. Expectations are for a seasonally adjusted annual growth rate of 2.8%, unchanged from the BEA's second estimate, released in late November.

The National Association of Realtors reports existing-home sales for November. Sales are seen rising 3% to a seasonally adjusted annual rate of 4.08 million.

Friday 12/20

The Bureau of Economic Analysis releases the personal consumption expenditures price index for November. Economists forecast a 2.5% year-over-year rise, two-tenths of a percentage point more than in October. The core PCE price index, which excludes volatile food and energy prices, is seen rising 2.9%, compared with 2.8% previously.

Carnival announces fourth-quarter fiscal-2024 results.