The Federal Reserve's two-day policy meeting kicked off in the U.S.
fell further in March, marking nearly a two-year low, a sign that the jobs market is loosening. The Labor Department's release showed the Job Openings and Labor Turnover Survey showed openings totaled 9.59 million for the month, the lowest since April 2021 and below the FactSet estimate of 9.64 million..
Conzo says while Powell is expected to give small clues on the Fed's policy path forward — such as hint at whether there will be more rate hikes ahead — he's likely to stick to what he's been doing all along. "His words that he used in past minutes were, 'We're going to keep at it.' That happened to be the name of Paul Volcker's autobiography: 'Keeping at It.' Jerome Powell is literally taking a page out of Paul Volcker's playbook," said Conzo.
There are other concerns on the horizon. The lack of progress in Washington on the debt ceiling is inducing anxiety among investors, withput it, "This is transitioning to the market's No. 1 focus across debt and equity, with a very intense focus on near-term T-bill maturities."
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