No one is talking about this week’s meeting of U.S. Fed Reserve, as traders wait for the incredible falling stock market to regain its footing.

There are no major economic releases scheduled for Monday. In fact, RBC Financial says that the whole week is relatively quiet for Canadian releases with the exception of Friday’s GDP numbers for the month of April. Ahead of the GDP numbers, there’s the leading indicator and international transactions data out on Tuesday, and industrial prices on Thursday.

BMO Nesbitt Burns says that the GDP number will likely be strong, saying, “Canadian output looks set to have roared higher again in April after a brief lull in March. A spike in auto production, another strong month for employment, and solid retail sales are expected to translate into a 0.6% surge in GDP after a modest 0.1% rise in the prior month.”

“A string of consensus-topping results in the past week will culminate in a robust April GDP at basic prices report,” agrees CIBC World Markets. “With monthly output set to rise 0.6%, there’ll be little question of the bank’s willingness to keep to its rate tightening schedule. But it’s likely to be the economy’s performance in the upcoming labour market report that ultimately determines just how aggressive a stance Dodge and company will take on July 16.”

In the U.S., there’s a two-day Fed meeting, staring Tuesday and running through Wednesday, but no one smells a rate cut or a bias move. “In the U.S., neither rates nor the bias are set to budge when the two-day FOMC wraps on Wednesday afternoon. Indeed, with equity market weakness engendering broader concerns over the pace of recovery, the Fed’s first hike isn’t even on the radar screen,” says CIBC World Markets.

Consumer confidence numbers and existing home sales numbers are out on Tuesday. Durable orders and new home sales are due on Wednesday. And, final first-quarter GDP numbers are slated for Thursday. “The week closes off with very significant releases on Friday, including the Chicago purchasing managers’ index, the University of Michigan’s consumer sentiments survey, and personal income and spending data,” says RBC.

CIBC suggests, “Slumping stocks will also leave their mark on the week’s data, with an earlier-reported setback in sentiment likely to be mirrored in flagging consumer confidence for June. Meanwhile, durable goods orders should eke out a modest gain, with the results excluding the volatile transportation component likely a little sunnier.”

BMO Nesbitt Burns laments, “The importance of upcoming economic data in the U.S. remains minimal, as nothing much matters other than whether the stock market can regain balance. The twin confidence surveys out next week in the U.S. have the most chance of being market-moving. Maybe we just hang out with financial-market types too much, but we sense a palpable increase in serious concern that has built up in recent weeks and that might be reflected in consumer confidence for June.”

The only notable earnings reports confirmed are in the food retailing sector, with Sobeys Inc. on Wednesday and Empire Company on Thursday.