This Week: Fed rates, Alphabet earnings, employment update

A look at some of the key business events and economic indicators upcoming this week:

WATCHING THE FED

The Federal Reserve will meet this week and announce its latest interest rate decision on Wednesday.

The central bank is expected to raise its benchmark interest rate by a quarter percentage point, which would mark a downshift in its aggressive fight against inflation after raising rates by half a point last month. Wall Street hopes the Fed will temper its rate hikes as inflation eases and avoid slowing the economy too much.

PROFIT SEARCH

Google’s parent company Alphabet reports its latest quarterly results on Thursday.

The report should give investors more insight into how the tech sector is dealing with persistent inflation, rising interest rates and a slowing economy. The company recently announced it's cutting about 6% of its workforce, joining other big tech names that have trimmed staff as the boom during the COVID-19 pandemic ebbs.

EMPLOYMENT UPDATE

The government on Friday will release its monthly employment report for January.

The report could give both Wall Street and the Federal Reserve a clearer picture of how higher interest rates to combat inflation are affecting the labor market and the wider economy. Hiring has remained strong even as the Fed is looking for the jobs market to soften as a signal that inflation is easing.

Source: FactSet