NAHB housing market index
Today's economic calendar in the US is light with only the NAHB home builder survey. That's a potential market mover but not a big one. Otherwise we get Canadian PPI data at the bottom of the hour.
What I'll be watching for is for an FOMC preview/leak from the WSJ's Nick Timiraos. The June leak came at about 2:30 pm ET. Right now there's a 21% chance of a 100 bps baked into the markets and the Fed might want to manage expecations around that. I'd argue that if they're planning 75 bps they don't need to leak anything because a dovish surprise is different than a hawkish one and I'd also argue that leaking is a bad precedent. In any case, Timiraos is due for a Fed preview and whether it's a leak or not, it will likely be misconstrued.
