Market Insider

Fed could be a snooze, but these reports will be big

What matters more: Earnings or Fed?
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Next week's big earnings

Expectations are low the Fed will provide any new policy insight in the coming week, and focus should stay on economic reports and a flood of earnings, from Apple, big oil, drugmakers and others.

In fact, strategists say more clarity on what the Fed might do should come from the employment report the following week. Market expectations put a less than 5 percent chance on the Fed raising rates at its two-day October meeting, and the odds are not even that high for the Fed's December meeting.

"I think a lot hinges on the employment report, whether December is generally live as well. The market's presumption is that the December meeting is barely alive," said Alan Ruskin, head of G-10 currency strategy at Deutsche Bank. He said expectations might rise if there were employment reports of even 175,000 in November and December. "These are conditions the Fed thought would warrant a tightening back in September. Why not now? I think December is probably more alive than the market presumes but we need the validation from the employment data."