- Canadian MoM GDP in February rose 0.2%, below the forecast for 0.3% and falling back from January’s 0.5% (revised down from 0.6%).
- US Q1 Employment Cost Index accelerated to 1.2%, beating the forecast of 1.0% and the previous quarter’s 0.9% wage growth.
- Accelerating labor costs continue to plague rate-cut-hungry markets as inflation remains above Fed targets and progress on reducing price growth has stalled.
- April’s Chicago Purchasing Managers Index (PMI) eased to 37.9, the indicator’s lowest print since November 2022.
- The Consumer Board’s Consumer Confidence Index declined to 97.0, nearly a two-year low in aggregate consumer survey responses.
- Read more: US CB Consumer Confidence declines to 97.0 in April
- US ADP Employment Change for April will print on Wednesday, forecast to tick down to 179K from 184K.
- Fed’s latest rate call and Monetary Policy Statement are scheduled for 18:00 GMT on Wednesday. Fed Chair Jerome Powell will hold a press conference 30 minutes after that.
- Fed is expected to hold rates steady, and investors will be looking for signs of firmer policy guidance from the Fed on when rate cuts could come.
- According to CME’s FedWatch Tool, rate cut hopes for September have been dashed, and rate markets are pricing in 51.1% odds of no cut until the November rate meeting.
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