Economic calendar: FED interest rate decision in the mainstream

• A calm beggining of the session in the Europe
• FED decision dominates today's calendar
• US PPI inflation

Today's calendar is clearly dominated by the decision on interest rates in the US, which will be announced at 7:00 pm BST. Currently, the markets have reached a consensus and price in a 91% chance of maintaining interest rates at the current level within the range of 5.00-5.25%. However, despite the expected pause, the Fed is unlikely to signal an end to rate hikes and will leave the door open for their continuation in future meetings.

In addition to the Fed decision, investors will also learn about PPI inflation in May, which is expected to decline to 1.5% from 2.3% the previous month, and PPI core to 2.9% from 3.2%. However, these data will not be as important after yesterday's CPI inflation publication.

Detailed schedule for the day:

7:30 am BST, Hungary - Industrial Production:

• NSA: Expected: -8.3% YoY, Previous: -4.1% YoY

10:00 am BST, EU - Industrial Production:

• Expected: 1.0% MoM, Previous: -4.1% MoM

10:00 am BST, EU - Retail Sales:

• Expected: 0.9% YoY, Previous: -1.4% YoY

1:30 pm BST, USA - PPI Inflation:

• PPI: Expected: 1.5% YoY, Previous: 2.3% YoY
• PPI core: Expected: 2.9% YoY, Previous: 3.2% YoY

7:00 pm BST, USA - FED Interest Rate Decision:

• Expectation: 5.0-5.25%, Previous: 5.0%-5.25%

7:30 pm BST, USA - FED Press Conference