Coming Week: Searching for Signs

"If [Tuesday's] statement is more hawkish, then it will be interpreted by the market that we'll have to wait longer before a rate cut and stocks will likely react negatively to this news," says Pavlik.

Retail, Inflation Data on Tap

The week's economic festivities start on Monday with the release of October wholesale inventories. According to Thomson First Call, economists expect the inventories to rise 0.6%, compared with growth of 0.8% in September.

In addition to the Fed policy statement, Tuesday will bring the October trade balance and the Treasury budget for November. Economists project the trade deficit narrowed to $63.5 billion from $64.3 billion a month earlier, while the Treasury budget deficit is expected to decrease to $74 billion from $83.1 billion.

Wednesday will be a big day for those tracking the nation's merchants. November retail sales will be released, and they are projected to have grown 0.3%, excluding autos, after a drop of 0.4% in October. Meanwhile, business inventories are expected to rise 0.5% for October, compared with 0.4% growth the month prior.

On Thursday, November import and export data arrive. And halfway around the world, OPEC members are planning to meet in Nigeria to discuss production cuts. This meeting follows the October meeting where OPEC announced production cuts of 1.2 million barrels in a bid to stabilize the decline in the price of oil.