The Federal Reserve is the major focus for investors this week with the Wednesday, Sept. 16 FOMC Interest Rate Decision and Press Conference.

Projections show a roughly 90% probability of a 25-basis-point rate hike, according to the CME FedWatch tool. This came after the core month over month August CPI data came in at 0.3%, above the expected 0.2%.

Additional economic data for the week includes the Monthly Retail Trade Report, Empire State Manufacturing Survey, Import and Export Prices, Retail/Wholesale Inventories, Building Permits & Housing Starts, and Industrial Production.

Earnings season is winding down with Lennar (LEN) as the biggest name on the docket for the week. Other notable events include Bank of England and Bank of Japan policy meetings this week. Friday brings the Sept. 18 monthly options expiration.

For more on the Fed’s direction, watch Jimmy Lee on why he thinks a rate hike won't fix oil-driven inflation.

Economic Calendar Week of Sept. 14

Monday 9/14

• 11:30 AM: 3-Month Bill Auction
• 11:30 AM: 6-Month Bill Auction

Tuesday 9/15

• FOMC Meeting Begins
• 08:30 AM: Empire State Manufacturing Survey

Wednesday 9/16

• 08:30 AM: Retail Sales
• 08:30 AM: U.S. Import & Export Price Indexes
• 10:00 AM: Retail/Wholesale Inventories
• 10:00 AM: NAHB Housing Market Index
• 02:00 PM: FOMC Announcement
• 02:30 PM: Fed Chair Kevin Warsh Press Conference
• 04:00 PM: Treasury International Capital Report

Thursday 9/17

• 08:30 AM: Housing Starts and Permits
• 08:30 AM: Initial Jobless Claims
• 08:30 AM: Philadelphia Fed Manufacturing Index
• 10:00 AM: Pending Home Sales
• 01:00 PM: 10-year TIPS Auction
• 04:30 PM: Fed Balance Sheet

Friday 9/18

• 09:15 AM: Industrial Production and Capacity Utilization
• 10:00 AM: Conference Board Leading Index

Earnings Calendar Week of Sept. 14

Monday 9/14

• Premarket: n/a
• Postmarket: Dave & Buster’s Entertainment (PLAY)

Tuesday 9/15

• Premarket: n/a
• Postmarket: Trip.com (TCOM)

Wednesday 9/16

• Premarket: n/a
• Postmarket: Lennar (LEN)

Thursday 9/17

• Premarket: n/a
• Postmarket: n/a

Friday 9/18

• Premarket: n/a
• Postmarket: n/a