Housing starts will be a final slice of data before the Fed meeting kicks off

US housing starts are due at the top of the hour

The Fed has all it needs to make a decision on rates but will get one final piece of the puzzle today with the release of the May housing starts report. The consensus is 1240K with permits at 1293K.

The two-day meeting starts today and will wrap up tomorrow. The OIS market is pricing in a 24.5% chance of a cut, rising to 85% on July 31.

The other piece of data to come at the bottom of the hour is Canadian manufacturing sales. Later we hear from Draghi0 (again) and Carney in Portugal.