Housing data and FOMC meeting: highlights of the week

The following indicators could have an effect on the markets today and tomorrow:

1. Housing market data 

U.S. housing data will be released at 8:30 ET (12:30 GMT). An indicator that reflects the number of new home construction in August will also be revealed. Analysts are assuming that it will hit 1.445 million on an annualized basis. Besides, an indicator that reflects the official number of building permits in August will be available. It is projected to be 1.610 million on an annualized basis. According to analysts' forecasts, both indicators will show a decline. 

2. Fed meeting

The two-day meeting of the Federal Open Market Committee is scheduled for Tuesday. Most investors expect a 0.75 percentage point hike at the end of the meeting on Wednesday.  The Fed officials will also make comments on inflation, employment, and other economic indicators.