The Fed blackout starts at midnight but there is always a race to get to the last word:
- Moderation in housing-related inflation is welcomed
- High inflation has become an integral part of the economy
- The job market remains strong but there are signs of cooling
- Inflationary pressures have eased but core prices remain stable
- March PCE inflation likely to ease to 4%
- The path back to 2% is likely to be uneven and bumpy
- We’re trying to figure out where the Fed needs to stop on higher interest rates
- Continued economic strength and slowing inflation rates may prompt the Fed to do more
- Monetary policy is moving into a more uncertain phase
These are relatively dovish comments and work well for an individual scenario where the Fed wants some time to wait and see how the economy develops.
The inflation report for March is due on Friday.