The S&P 500 fell 3.1% last week, which featured disappointing earnings from major retailers in a market which was already hard hit by worries over inflation, rising interest rates, geopolitical uncertainty stemming from the war in Ukraine, and the prospect of recession. The Nasdaq Composite underperformed with a 3.8% decline, followed by the Dow Jones Industrial Average (-2.9%) and Russell 2000 (-1.1%). This week investors will be looking to Wednesday’s Federal Reserve meeting minutes for more insights on the central bank’s policy response to soaring inflation. Retail earnings will be in the spotlight again. U.S. data on personal income and spending – which contains the Fed’s favored measure of inflation – will be the highlight of the economic calendar. Here’s what you need to know to start your week.

1. Fed minutes

Investors will be hoping that Wednesday’s Fed minutes can offer some clues about whether the U.S. central bank can curb the most aggressive inflation in four decades without tipping the economy into recession....