US ADP Employment Change printed below expectations, coming in at 140K for February versus the forecast 150K, while January’s print saw a revision to 11K from the initial print of 107K. Underperforming releases against forecasts are helping to bolster investor bets that the US economy might soften enough to push the Fed closer to cutting rates.
Fed Chair Powell noted that while the Fed is looking for further signs of disinflation before pulling the trigger, the Fed Chairman qualified the position, noting that the Fed is looking for more of what it has already seen in terms of disinflation, and not waiting for deeper signs of inflation easing.
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