This week’s economic calendar features two bellwethers of consumer confidence (one on Tuesday and one on Friday), the FOMC announcement on interest rates on Wednesday, the weekly jobless claims on Thursday, and the quarterly GDP growth rate on Friday.  But it is unlikely that these numbers will have much of an impact on the market this week.

This week should be another interesting one, but it’s hard to say whether it can match the market’s behavior last week when it donned rose-colored glasses to view four days of mixed economic data.

It has been a week of sparse market-moving news, but what news there was continued to be generally supportive of the market’s slow growth recovery. Remarkably, volatility continues to be very low. Unlike the 6 to 10% gyrations (in both directions) of late 2008 and early 2009, we’ve seen very few days this year when the market has moved more than 1% in either direction.