Image: Reference

 The expected monetary policy meeting of the Federal Reserve next week will be a big deal for global financial markets.

While the US Federal Reserve is not expected to take action on interest rates, investors will be on the lookout for any remarkable sell-off in Treasury markets, which saw a 10-year yield increase of more than 1.60% in one year on Friday.

In addition to the Fed meeting, U.S. Retail sales data will focus on further indications on the strength of the resumption consolidation.

Meanwhile, in earnings, the global economic bellwether FedEx (NYSE: FDX) and athletic apparel giant Nike (NYSE: NKE) are set to report the latest financial results, with the possibility of attracting the most attention.

Elsewhere, monetary policy announcements from the Bank of England and the Bank of Japan will also be on the agenda.

Ahead of next week, we have compiled a list of the five biggest events on the economic calendar that are likely to affect markets.

Federal Reserve Policy Meeting

The Federal Reserve will keep its benchmark interest rate unchanged at the conclusion of its two-day policy meeting on ET (18:00 GMT) at 2:00 on Wednesday, keeping it in the range of 0.0% -0.25%.

Perhaps more importantly, Fed Chairman Jerome Powell will hold a carefully watched press conference 30 minutes after the release of the Fed statement.

Investors are looking for clear signs that Powell and fellow policymakers are concerned about the current rise in yields amid rising expectations of inflation.

The US Federal Reserve will also release a new forecast for economic growth and interest rates, known as the "dot-plot".

The re-release of interest rate expectations for the Fed's additional expectation by the end of 2022 contradicts the Fed's objective of keeping rates unchanged until the end of 2023.

U.S. Retail sales

The Commerce Department will release retail sales data for February on Tuesday at 8:30 AM ET (12:30 GMT).

The consensus forecast is that retail sales fell 0.6% last month, following a 5.3% increase in January in the report.

Excluding the Om automobile sector, major retail sales are expected to decline 0.1% after a 9.9 percent jump in the previous month.

Increasing retail sales over time are associated with strong economic growth, while weaker sales indicate a declining economy.

Consumer spending in the U.S. No. It accounts for 70% of economic growth.

In addition to retail sales, this week's Economic Calendar also includes the latest reports on initial unemployment claims, industrial production, housing starts, as well as a pair of surveys on the state of production in the Philadelphia and New York regions.

FedEx, Nike earnings

All have been injured in the fourth-quarter earnings season, however, with results expected from many big names in the coming weeks, with most of the focus coming on FedEx and Nike, both of which are due to close on Thursday.

Bank of England policy announcement

Around the lake, Governor Andrew Bailey and his fellow interest rate-setters are expected to announce a 0.10% ET (12:30 GMT) policy on Thursday morning at 0.00%.

Economists expect a 9-0 vote in favor of keeping rates stable by the MPC.

Instead, any action such as boosting the BoE's bond-bound firepower is likely to come later in the year - probably in May, when the next set of economic forecasts comes out.

Bank of Japan policy meeting

Bank of Japan, a leader in yield curve control, is widely expected to keep monetary policy unchanged in its two-day rate review, which ends on Friday.

However, the central bank will likely insert clear guidance in its statement on what it sees as acceptable level fluctuations in long-term interest rates.

BoJ Governor Haruhiko Kuroda will hold a press conference to discuss the decision.