The Fed funds market continues to price in a 21% chance of a 100 bps hike next Wednesday.
That number is likely to swing if we get a miss or beat on today's housing starts data for June. Yesterday's home builder sentiment data missed badly so risks are to the downside. The consensus is 1.58m, up from 1.549m previously.
The data is due at the bottom of the hour and it's the only US data release on the economic calendar today.
