Fed leads active calendar this week

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The Federal Reserve's announcement on Wednesday is the main event on this week's calendar, though other items are worthy of attention.

Today the New York Fed's regional Empire manufacturing index comes out at 8:30 a.m. ET. While it's unlikely to affect sentiment, the report is a forward-looking indicator of economic growth. Forecasters anticipate a reading of 9, up from 8.6 last month.

Industrial production for August follows at 9:15 a.m. ET but seldom moves markets because it can be predicted based on existing data. Economists are looking for a gain of 0.5 percent, compared with a flat reading in July.

Tomorrow brings Germany's Zew survey of economic sentiment and the U.S. consumer price index. Adobe Systems announces earnings after the closing bell.

Wednesday's schedule starts early with quarterly results from FedEx and General Mills. Weekly mortgage applications and housing starts provide color on the state of residential real estate, and the Fed's big monetary announcement comes in the afternoon. Attention will focus on how much the central bank plans to taper bond purchases. Software giant Oracle reports after the closing bell. Wednesday evening also brings Australian economic-growth numbers, which are often viewed as a window into China.

Initial jobless claims, existing-home sales and the Philadelphia Fed's regional index are the main events Thursday. ConAgra and Rite Aid report in the morning, and Tibco Software follows in the evening.

There are no economic reports on Friday, but Darden Restaurants will announce earnings before the start of trading.

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