Economic calendar: Markets await FOMC decision

• European indices seen opening higher

• Fed decision day!

• OECD to publish new projections

Global stock rally slowed yesterday but major bullish gaps are expected at the launch of today's European session. Traders should keep in mind that it is a Fed decision day so the market may be in wait-and-see mode until evening.

Readings and events scheduled for today

9:00 am BST - OECD publishes outlook on the global economy.

1:30 pm BST - US, CPI inflation for May.

• Headline. Expected: 0.2% YoY. Previous: 0.3% YoY

• Core. Expected: 1.3% YoY. Previous: 1.4% YoY

3:30 pm BST - DOE report.

• Change in oil inventories. Expected: -1.5 mb

• Change in gasoline inventories. Expected: -0.1 mb

• Change in distillate inventories. Expected: +2.9 mb

7:00 pm BST - FOMC decision. Rate decision from the Federal Reserve is unquestionably the key event of the day. Rates are likely to be left at current levels and messages are likely to be cautious. However, some questions on balance sheet and yield curve control are expected to be asked during Powell's press conference (7:30 pm BST). 

Central bankers speeches scheduled for today

• 8:00 am BST - ECB's Muller

• 8:30 am BST - ECB's Kazimir

• 1:00 pm BST - ECB's Schnabel

• 1:00 pm BST - ECB's Knot

• 2:30 pm BST - ECB's de Guindos