The Federal Open Market Committee begins its two-day policy meeting today, with economists widely expecting the U.S. central bank to leave the benchmark federal-funds rate unchanged at 4.50%. The gathering comes at the start of a data-heavy week that includes second-quarter GDP, the PCE inflation gauge and the July jobs report. Before the Fed decision, investors will parse a raft of indicators due Tuesday: advance figures on goods trade, retail and wholesale inventories at 08:30 a.m. ET; FHFA and S&P CoreLogic Case-Shiller home-price indexes at 09:00; and the Conference Board’s July consumer-confidence survey along with June JOLTS job openings at 10:00. The Treasury will sell $44 billion of seven-year notes at 1 p.m. In Stockholm, U.S. and Chinese officials open a two-day round of tariff talks—the first formal negotiations since Washington imposed a 145% levy on certain Chinese imports in April. Delegates aim to lay groundwork for a broader de-escalation, with discussions slated to wrap up tomorrow. Corporate earnings remain in full swing, with about 37% of S&P 500 constituents set to report this week. Philips, Barclays and EssilorLuxottica headline today’s releases. Market strategists say the combination of monetary-policy signals, economic data and earnings could set the tone for equities after the S&P 500’s recent string of record highs.