Financial and Commodity Previews and Analysis

Key news today includes: (1) weekly MBA mortgage applications (previous +4.1% to 370.8 with the purchase sub-index +4.2% to 252.8 and the refi sub-index up +3.8% to 1007.3), (2) May PPI final demand (expected +0.3% m/m and +2.8% y/y, Apr +0.1% m/m and +2.6% y/y) and May PPI ex food & energy (expected +0.2% m/m and +2.3% y/y, Apr +0.2% m/m and +2.3% y/y), (3) EIA weekly Petroleum Status Report, (4) FOMC announces interest rate decision (expected +25 bp increase in the fed funds rate target to 1.75% to 2.00% from 1.50% to 1.75%), (5) Fed Chair Jerome Powell holds press conference following FOMC meeting.