What to Watch Wednesday: Federal Reserve Meeting, FedEx Earnings

For Wednesday, September 16th, the Republican Presidential debate will likely be a hot topic as we await the Federal Reserve's decision on whether to raise interest rates. But before the Republican presidential showdown begins, we'll get some important global economic data when transportation giant FedEx (FDX) releases its latest quarterly results before the bell. For the first quarter of fiscal year 2016, analysts are expecting the transportation company to earn $2.45 a share on revenue of nearly $12 billion. That's up from the $2.12 a share on revenue of $11.7 billion reported a year earlier. TheStreet's Jim Cramer said he’s watching FedEx's earnings tomorrow. 'FedEx gives you the absolute best kind of economic world view, because the CEO is an economist.' Other companies set to release earnings are country-style restaurant Cracker Barrel (CBRL), who will show us their latest financial results before the bell. Tech giant Oracle (ORCL) will provide the quarterly numbers after the bell. On the economic calendar, the anticipated Federal Reserve 2-day meeting will begin and the consumer price index will be out at 8:30 a.m Eastern. Then at 10:00 a.m., we get the Housing Market Index, which is expected to stay at 61, showing strong home builder sentiment. Finally, the Republican Presidential Debate will begin at 8:00 p.m. eastern. TheStreet’s Valerie Young reports from Wall Street.