The US economic calendar today is a light one but includes a big speech from the Fed 's Waller at 1210 pm ET. He's speaking on the economic outlook at a conference held by the University of California Santa Barbara. It comes at a time when the Fed funds futures market is pricing in a 31% chance of a hike at the June 14 meeting, with the remainder bet on unchanged.
The FOMC minutes are due at 2 pm and could also offer some hints at Fed policy.
Other items on the agenda include EIA weekly oil inventories and a 5-year note auction.
Of course, the debt ceiling fiasco continues. Here's a reminder: The debt ceiling has been raised 78 times since 1960 and the US hasn't defaulted once.
