The Week Ahead: Fed Could Hike Rates for the First Time in a Year

All eyes will be on the Federal Open Market Committee (FOMC), which will begin its December meeting on Tuesday, and is expected to announce a rate hike -- the first in a year -- on Wednesday. The meeting will be followed by a press conference with Fed Chair Janet Yellen, and the week will be punctuated by a speech from Richmond Fed President Jeffrey Lacker.

Below is a brief list of some key market events scheduled for the upcoming week. All earnings dates listed below are tentative and subject to change. Please check with each company's respective website for official reporting dates.

The week kicks off on Monday, Dec. 12, with the release of the Treasury budget. On the earnings front, Arrowhead Pharmaceuticals (ARWR), Peregrine Pharmaceuticals (PPHM), and VeriFone (PAY) are set to report.

Tuesday, Dec. 13 brings the start of the much-anticipated FOMC meeting. The latest import and export data will hit the Street.

November retail sales and the producer price index (PPI) will be announced on Wednesday, Dec. 14, along with industrial production data, business inventories, and the regularly scheduled crude inventories report. The highlight of the day will be the conclusion of the FOMC December meeting and Yellen's subsequent press conference. Stepping up to the earnings plate are Joy Global (JOY) and Pier 1 Imports (PIR).

On Thursday, Dec. 15, the consumer price index (CPI) is due out, along with weekly jobless claims, the Philadelphia Fed business outlook survey, and the Fed balance sheet. Adobe Systems (ADBE), Jabil Circuit (JBL), Oracle (ORCL), and Sanderson Farms (SAFM) are all due to present earnings.

The week wraps up on Friday, Dec. 16 -- a quadruple-witching Friday -- with a speech from Richmond Fed President Jeffrey Lacker. As for economic data, November housing starts and the Baker-Hughes rig count will be released. There are no major earnings reports slated for release.