Christian Hill at Investors Daily Edge looks ahead so some important data releases and earnings reports this week. Top of the bill is today’s Fed meeting, where Bernanke & Co are almost certain to keep rates unchanged…

There is no shortage of important reports this week, but the attention will definitely be on the FOMC Policy Meeting later today. As it stands, there is a 90 percent chance that the Fed will keep the Fed Funds rate the same. 

While the Fed tries to get a handle on where the economy is going, I wouldn’t expect them to make a change. After all, Q4 2007 GDP was just revised down quite significantly, so I am not sure the Fed knows what to do now.

Also today, the ISM Services report for July comes out at 10:00 AM. Expectations are for a slight decline to 48 versus the June reading of 48.2. A reading over 50 represents expansion and anything below 50 marks contraction. Since this report measures purchasing expectations from financial, insurance, and communications companies, a decline should be no surprise. These sectors are still struggling with the current economic conditions, and are unlikely to be purchasing anything other than boxes of tissues.

Thursday sees the release of the June Pending Home Sales report. The market expects a decrease of over one percent from May, signaling no end in sight to the real estate collapse. With lending getting tougher, home buying will likely suffer a little while longer.

Earnings Calendar:

Tues: Cisco Systems, Inc. (CSCO), Proctor & Gamble (PG)

Wed: American International Group (AIG), Quest Communications International (Q), Sprint (S), Time Warner Inc. (TWX)

Thurs: Toyota Motor Corp. (TM)

Source: The Fed Lurks on Tuesday, Earnings Reports Slow Down