‘Twas the week before the week before Christmas and throughout economic departments analysts will be stirring.

Indeed, there will be little time for holiday parties, as one economist noted, with a small flood of data due out this week, including another interest rate setting in the U.S.

The announcement by the Federal Open Market Committee on Tuesday, however, is pretty much a forgone conclusion with Fed chairman Alan Greenspan expected to raise rates by a quarter point to 2.25%.

Beyond that, highlights include updates on inflation from both sides of the border and, for Canada, trade balance report, and, for the U.S., retail figures.

As with Canada last week, few expect Greenspan to crank up interest rates. After all, the U.S. economy has stayed within its non-inflationary trend for the past three quarters, even with the rise in oil prices.

“At this point, the price of oil, the Fed’s greatest fear about growth, looks a bit less threatening, so the statement will in some way signal further rate hikes ahead,” notes CIBC World Markets Inc. senior economist Avery Shenfeld. “If, as we expect, oil prices retrace some of their recent easing in the months ahead, a February rate hike would be more doubtful.”

That said, one of the key pieces of data to watch for from the U.S. will be retail sales for November, out on Monday. The market consensus is calling for a flat month as consumers kept their wallets closed even though Christmas is around the corner. Overall, auto sales were lower and major retailers report that year-over-year same-store results have been unimpressive.

Also on Monday are October’s business inventories, while Tuesday brings, in addition to the FOMC meeting, updates on trade data and industrial production. Nothing is due out on Wednesday, but on Thursday, new home sales, weekly jobless claims, and the third quarter current account balance are all due out.

The week closes off with an important update on November’s consumer price index. The consensus call is for a 0.2% increase.

In Canada, the CPI report on Friday, is expected to show a 0.1% increase for November, which translates into a year-over-year inflation rate of 2.1%. November’s number takes into account a correction in energy prices and reflect the impact of the rising Canadian dollar on consumer goods.

Also this week are vehicle sales during the month of October, due out on Monday. Manufacturing shipments and the trade account are due up on Tuesday, which will provide more insight into fallout form the rising loonie. Look for a merchandise trade balance of $5.5 billion, up from $5.1 billion in September.

International securities transactions are due out on Thursday.