Federal Open Market Committee (FOMC) – Three central bank meetings in the next 24 hours: the Federal Open Market Committee (FOMC), the Bank of Japan (BoJ) and the Reserve Bank of New Zealand.
FOMC: There’s no press conference after this meeting, so everything will depend on the statement. The question is, what changes will they make to the statement?
Not much has changed since the last meeting on 16 March. There’s only been one round of indicators since then, and of course one data point doesn’t make a trend. Nonetheless the data for inflation and labour that has come out has been worse.
The February personal consumption expenditure index was down, the March producer price index was down, and the March CPI showed a slowing in inflation. Inflation expectations have also been retreating.
As for the labour market, last time they said that “A range of recent indicators, including strong job gains, points to additional strengthening of the labor market.” Since then the nonfarm payrolls were a healthy 205k, but overall labour market conditions, as measured by the Labor Market Conditions Index (LMCI) have deteriorated.
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