It's your summer dose of the Fed

Expectations are low for any drama coming out of the Fed today but the best time for a surprise is when no one is expecting it.

The dollar isn't doing much at the moment as it chops sideways and the bond market bounces back after the rout yesterday.

We'll get you set up for all the possibilities.

In the meantime, US new home sales and weekly oil inventories are highlights on the economic calendar today.