Rates faced upward pressure Tuesday as the Fed began its two-day FOMC meeting to discuss monetary policy. This morning, the Consumer Price Index (CPI) rose 0.1% in May, a bit lower than expected, and was a tame 1.4% higher than one year ago. Core CPI, which excludes volatile food and energy components, increased 0.2%, matching forecast. May Housing Starts rose 7% to an annual rate of 914,000, below expectations. Stocks moved higher. No other key data will be released today.