The biggest events on the economic calendar that are most likely to affect the markets

Global financial markets will be busy with central bank meetings in the week ahead, with policy decisions due in the U.S., Japan, the U.K and Switzerland.

Ahead of the coming week, here is a list of the biggest events on the economic calendar that are most likely to affect the markets.

1. Federal Reserve Rate Decision
The Federal Reserve is widely expected to raise the fed funds target range by a quarter point at the conclusion of its two-day policy meeting Wednesday, 8:00PM local time, which would put it in a range between 0.75%-1%.
The U.S. central bank will also release its latest forecasts for economic growth and interest rates, known as the "dot-plot".
Fed Chair Janet Yellen is to hold what will be a closely-watched press conference 30 minutes after the release of the Fed's statement, as investors look for any hawkish change in tone about the economy or future rate hikes.

The rate hike this week would be followed by two more increases later this year, next in September followed by another one in December, aligning market expectations with the Fed's current forecast for three rate hikes in 2017.

Besides the Fed, this week's calendar also features U.S. data on inflation, retail sales, building permits, housing starts, initial jobless claims, industrial production, consumer sentiment as well as surveys on manufacturing conditions in the Philadelphia and New York regions.
Headlines from Washington will also be in focus, as traders await further details on President Donald Trump's promises of tax reform and infrastructure spending.

2. Bank of Japan Monetary Policy Decision
The Bank of Japan is seen keeping its short-term policy interest rate at minus 0.1% when it releases its latest rate decision and monetary policy statement on Thursday.

The central bank is also expected to hold the 10-year government bond yield target at around 0%, while maintaining the net amount of Japanese government bonds it buys annually at around 80 trillion yen, as it waits for more evidence of a modest economic recovery.

3. Bank of England Policy Announcement
The Bank of England will announce its rate decision on Thursday, 2:00PM local time with analysts forecasting no change in policy.

Market players expect BOE policymakers to stick to their neutral stance on whether to cut or raise interest rates as they decide whether the economy needs more monetary stimulus to spur demand in the face of waning consumer spending or an interest rate hike to curb the recent spike in inflation.
The BOE raised its forecasts for growth and inflation last month, but appeared in no rush to raise interest rates as Prime Minister Theresa May intends to trigger the formal process for separating from the European Union by the end of March.

Besides the BOE, traders will focus on monthly unemployment figures for further indications on the continued effect that the Brexit decision is having on the economy.

4. SNB policy assessment
The Swiss National Bank's quarterly policy assessment is due on Thursday at 10:30AM local time. Most economists expect the central bank’s benchmark interest rate to remain unchanged at -0.75%.

The SNB is also expected to stick to its commitment to foreign currency interventions in order to reduce demand for the franc.

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