fomc

Federal economic data, as well as the Labor Department's Producer Price Index and Consumer Price Index, could dominate economic news this week. And while the earnings season is winding down, quarterly reports from Nike and Ross Stores are scheduled.

While most analysts don't expect a major departure from the December Fed meeting, the voting lineup has changed substantially. Now, Chairman Bernanke has to deal with three new members of the rate-setting committee who have expressed reservations about quantitative easing.

FedEx, the world's leading package-delivery service and an ostensible bellwether of the U.S. economy, will report its latest earnings this week. Also, with the holiday shopping season well underway, Best Buy and Discover Financial Services are also reporting quarterly results.

Among quarterly results scheduled for this holiday-shortened week, investors may be thankful for earnings results from Tyson Foods, the Arkansas-based poultry and meat producer. Analog Devices and Deere also are reporting.

A day after announcing a second round of quantitative easing, Fed Chairman Ben Bernanke responded to critics in a Washington Post op-ed that explains how the program will work and why it won't spark inflation.

U.S. Federal Reserve launched the second phase of its quantitative easing program, the so-called QE2, saying it will buy up to $600 billion more in long-term U.S. Treasury bonds to help stimulate a U.S. economy that's growing too slowly.

Just about everyone expects the Federal Reserve to announce a bond-buying program with the goal of stimulating the economy. But not many observers think it's a good idea -- and the chorus of critics is only getting louder.

Calling all investors: You'll want to pay close attention in the days ahead. The mid-term elections, FOMC meeting, retail sales figures, an update on the labor market and more earnings from Toyota, Starbucks and more could set the stage for quite an interesting week on Wall Street.

Stocks closed mixed with little change on Tuesday after the Federal Reserve stood pat on interest rates and warned that falling prices are becoming a bigger concern. Tuesday's meeting did little to give equities direction after an initial mid-afternoon pop.

The recent stream of modestly positive economic news means the Fed probably won't take any further action to stimulate the economy at its upcoming meeting. But nobody is calling the economy healthy yet.