Hawkish sentiment was the norm at the Federal Reserve, guaranteeing a rate hike in the next few meetings. But Fed policy remains data dependent as their noted in their last policy statement: “However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data.” From an analytical standpoint, we’re now looking for any event that would change the Fed’s hawkish bias. All data sans Friday’s employment report supported the hawks. But Friday’s jobs numbers were so negative that a June rate hike is probably off the table.
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