NEW YORK ( TheStreet) -- For Wednesday July 29, TheStreet highlights the Federal Open Market Committee meeting announcement, key earnings reports and economic data.

Policymakers dissect recent economic data, including the Greek debt crisis, the selloff in the Chinese markets and the tightening U.S. labor market for the second day. The central bank will likely give off signs of their intentions to begin raising interest rates in September.

The Fed will wrap up its meeting and issue its policy statement at 2 p.m. eastern. 

On the earnings front, MasterCard (MA) - Get Report, Northrop Grumman (NOC) - Get Report and Anthem (ANTM) - Get Report will report before the market opens. In the afternoon, earnings from Facebook (FB) - Get Report, MetLife (MET) - Get Report and Wynn Resorts (WYNN) - Get Report are due out. 

Facebook is scheduled to report its second-quarter earnings after the market closes. The Menlo Park-based social network company is expected to report a rise in revenue, as it captures a growing share of digital advertising budgets.

Wall Street is forecasting earnings of 47 cents a share on revenue of about $4 billion. Investors will keep a close watch on costs and whether the social media giant can keep growing its monthly active users.

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio, tells investors to take a long-term view on the stock.

If the stock gets hammered on the quarter, Cramer wants you to buy it.

On the economic calendar, we point out MBA mortgage applications, pending home sales, the EIA petroleum status report, and of course, the FOMC announcement.