The big news this week will come on Wednesday when The U.S. Federal Reserve is expected to raise interest rates again.

Most observers expect the Fed to boost rates by a quarter percentage-point, lifting itstarget for the federal funds rate to 2.5%.

Other than the Fed decision, the economic calendar is relatively light.

On Monday, Statistics Canada releases figures on November 2004 gross domestic product by industry.

South of the border, the U.S. Commerce Department reports on personal income and spending and new home sales for December.

On Tuesday, the Institute for Supply Management issues its report on activity in the U.S. manufacturing economy during January.

As well, the U.S. Commerce Department reports on construction spending for December.

On Thursday, the U.S. Labor Department reports on productivity and costs for the fourth quarter and weekly jobless claims.

As well, the largest U.S. retailers announce their sales figures for January.

The week comes to a close on Friday when StatsCan releases the January unemployment report, as dose the U.S. Labor Department.

The flood of corporate earnings reports continues this week.

In the U.S., 93 companies are scheduled to report. Canadian earnings season is also in full swing.

Monday brings reports from ExxonMobil and Walt Disney.

Tuesday sees reports from CGI Group, Falconbridge, Indigo Books, Manitoba Telecom, TransAlta, and TransCanada PipeLines.

On Wednesday, BCE, Teck-Cominco, and Boeing are scheduled to report.

Thursday sees CAE, Creo, Saputo, PepsiCo and Sprint report their earnings.

On Friday, brings reports from Dofasco, Noranda, Rothmans, and Time Warner.