Today's economic calendar is full, including the start of this month's two-day Fed meeting.
Kicking off the day will be the weekly ICSC/Goldman same store sales at 7:45 a.m. ET. The weekly Redbook retail figures will be reported at 8:55 a.m. ET.
Personal income and outlays for June will be released at 8:30 a.m. ET. The consensus forecast for income is 0.4 percent, up from May's 0.2 percent and within an estimated range of 0.2 percent to 0.5 percent. Consumer spending is expected at 0.1 percent, a slight rise from May's reading of zero and within a range of zero to 0.3 percent.
The PCE price index is forecast at 0.1 percent, compared with the -0.2 percent from the previous month and within a range of -0.3 percent to 0.1 percent. The core PCE price index is estimated at 0.2 percent, a rise from 0.1 percent in the previous month and within a range of 0.1 percent to 0.2 percent.
The second-quarter employment cost index will also come out at 8:30 a.m. ET and is forecast at 0.5 percent, up from the first quarter's 0.4 percent. Estimates range from 0.4 percent to 0.5 percent.
The market moving S&P Case-Shiller Home Price Index for May will be released at 9 a.m. ET. The survey's 20-city average is expected to decline to 0.5 percent from April's 0.7 percent. The range of estimates is from zero to 0.8 percent.
The Chicago purchasing managers index for July will follow at 9:45 a.m. ET. The business barometer index is expected to decline to 52.5 in July from 52.9 in June. Estimates range from 49.0 to 54.3.
Consumer confidence for July will be reported at 10 a.m. ET. The consensus expectation is a reading of 61.5 in July, a decline from 62 in June and within a range of 59 to 65.
That will be followed by the State Street Investor Confidence Index at 10 a.m. ET.
A four-week Treasury bill auction will be announced at 11:30 a.m. ET.
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