Today's economic calendar includes mortgage sales, durable goods data, and oil inventories, but traders will be focused mostly on the Fed's rate decision and following comments.
MBA mortage purchase applications kick off the day at 7 a.m. ET. There are no forecasts for this release, which showed a reading of 6.9 percent in the last report.
Durable goods are up next at 8:30 a.m. ET. The consensus forecast calls for a drop in new orders of -1.7 percent, compared with the last reading of 2.2 percent. Estimates range from -3.5 percent to 0.6 percent. Excluding transportation, most analysts expect a reading of 0.4 percent, compared with the last report of 1.6 percent, with estimates ranging from unchanged to 2.4 percent.
EIA crude-oil inventories will be reported at 10:30 a.m. ET. Last week's report showed a build of 3.86 million barrels.
The Federal Open Market Committee rate decision is due at 12:30 p.m. ET. Rates are expected to remain unchanged at 0.25 percent. At 2 p.m. ET the FOMC will issue forecasts, followed by a press conference by Fed Chairman Ben Bernanke at 2:15 p.m. ET.
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