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Week ahead: Nike, FedEx results and inflation data

With the Federal Reserve on hold for the foreseeable future and Chairman Jerome Powell making it clear the Fed will be looking at inflation to determine when interest rates should change...

That keeps the spotlight on the Fed's preferred measure of inflation. The personal consumption expenditure or PCE index comes out at the end of the week. Core PCE, which excludes volatile food and energy, is expected to continue to undershoot the Fed's two percent target. Predictions are for the year-over-year gain in November to remain steady at up 1.6 percent.

The final revision on third-quarter GDP is also released Friday. The Commerce Department is expected to stick to its 2.1 percent reading.

Ahead of that - there are updates on housing starts and home sales, as well as, a look at industrial production and manufacturing output.

On the corporate front:

Economic bellwether FedEx releases quarterly results on Tuesday. Higher rates likely provided a boost to sales and earnings. Investors will also be looking for more clarity on how FedEx plans to grow the business after ending its partnership with Amazon.

Next up: results from Nike. The global leader in athletic apparel is expected to show a jump in quarterly profits and revenues on Thursday. Investors are keen for more information on incoming CEO John Donahoe.