Throughout January, the Fed met in closed-door meetings as the markets roiled. They have scheduled another such meeting today citing “advance and discount rates” as the matters to be considered, fueling speculation of potential action between scheduled meetings. Whatever the outcome, it seems the only certainty is continued volatility, especially with the RussiaUkraine situation sparking additional fears late last week. In the U.S., economic reports kick off Tuesday with the PPI release and the Empire State Manufacturing Index, which may rebound from the prior month’s surprise tumble into negative territory. Wednesday’s January FOMC minutes will be judged against recent hawkish comments from certain committee members. Domestic retail sales are expected to improve MoM then on Thursday the Philly Fed index drops. The end of the week presents housing data with existing home sales and construction spending. Some home buyers have pulled back as mortgage rates have jumped to near 4%, with applications dropping 10% last week. On the international calendar, inflation updates from China, the UK, and Canada add to a busy Wednesday. Economic sentiment updates from Germany and the Eurozone are also on the docket, and the week wraps up with the G20 meetings in Indonesia.