Economic data for the week ahead will focus on the key themes of revised GDP figures from the UK and the monthly wage data. After last week’s inflation data showed that consumer prices increased 3.0%, the wage growth figures will be closely watched. The second revised estimates for the fourth quarter of 2017 will also be coming out with estimates confirming that the UK’s economy advanced 0.5% during the period.

Data from the United States is limited to the FOMC meeting minutes that will be coming out on Wednesday. The minutes could potentially signal the markets of a possible rate hike in March. However, considering that this will be the first meeting chaired by the new Fed Governor, Jerome Powell, the chance of interest rates staying unchanged is also a possibility.

Flash manufacturing PMI’s from the U.S. and the Eurozone will show how the respective economies fared during the second month of the year.

Elsewhere, inflation data is expected from the Eurozone and Canada. The ECB will be releasing the monetary policy meeting minutes over the week as well. Data from New Zealand will see the producer prices data followed by the quarterly retail sales report.

Here’s a quick recap of the key economic events due this week.

FOMC meeting minutes in focus as markets expect to see a March rate hike

The Federal Reserve Bank had held its first monetary policy meeting late in January this year. No changes were made to the interest rates which remained steady at 1.50%. It was also the last FOMC meeting that was chaired by the outgoing Fed chair, Janet Yellen. The Fed’s statement reflected renewed confidence among Fed officials that inflation will start to rise quickly.

The FOMC meeting minutes will cover the January policy meeting. No surprises are expected as the markets are anticipating that the meeting minutes will be hawkish following the hawkish Fed statement. With the new Fed Governor, Jerome Powell taking charge from February onwards, the March FOMC meeting is starting to gain prominence.