U.S. stock indexes ended the trading session lower as everyone awaits the end of the U.S. Federal Reserve’s two-day meeting on Wednesday, at which it will announce its interest rate decision and give an indication of what could happen this summer.

The Fed has signaled a half-point rate hike, but expectations have been growing in recent days that it would act even more tightly and raise the benchmark rate by three-quarters of a point in an attempt to tame inflation.

The stock market has been pressured by preparations for Wednesday’s rate announcement, but increasingly it appears that investors are factoring in a significant rate hike and expecting an even bigger one, though perhaps not by the same amount.

The Fed is being pushed into action by inflationary pressures, which have been higher and are lasting longer than expected. Consumers in the U.S. are facing higher food and fuel prices, with gasoline prices above $5 a gallon nationwide and changing buying habits, forcing some retailers to cut prices to move inventory.

The nation’s retail sales data for May will also be released Wednesday and will provide more information for investors to gauge how long this change in behavior will last.

Signs of a slowdown are already appearing in the housing market, where sales of completed homes are projected to fall this year due to rising mortgage rates and surging home prices that have pushed some would-be homebuyers away until the market cools off.

Here are 3 events that could affect the market on Wednesday:

1. FED DECISION.

The Federal Open Market Committee (FOMC) decision will be announced at 2:00 pm ET (6:00 pm GMT), followed by a press conference by its head Jerome Powell. He is likely to face questions about the future pace of rate hikes, assuming the Fed does as expected and raises the rate by at least half a point. Analysts will pay close attention to data released by the Fed that will show what other officials think about the pace of tightening this year.

2. RETAIL SALES

U.S. retail sales data for May is due at 08:30 a.m. ET (12:30 GMT). Analysts expect a 0.2% monthly increase, compared to April’s 0.9% rise.

3. HOUSING MARKET INDEX

The NAHB Housing Market Index, which shows the level of current and future home sales, is due to be released at 10:00 AM ET (2:00 PM GMT). The expected reading for June is 68, down slightly from May’s reading of 69.