However, the recent banking troubles triggered by the failures at Silicon Valley Bank and Signature Bank are “not over yet,” JPMorgan Chase CEO Jamie Dimon said Tuesday. “The Fed rate expected for the next meeting was largely flat against this backdrop, climbing a modest 1.6 basis points to 4.973% with a 63% chance priced in for a 25 basis-point hike next month,” Jim Reid and colleagues at Deutsche Bank wrote in a note to clients. Still, the Federal Reserve has stuck with inflation as its top concern, even amid the recent banking turmoil that has shown signs of easing. 'We are still going to see inflation from that, but we’ve seen wage gains moderating quite a bit,' she said.

Separately, Federal Reserve Governor Lisa Cook also highlighted the continued tightness in the labor market. Bullard also commented on OPEC’s decision to cut output, suggesting it could potentially make the Fed’s job of lowering inflation more challenging as oil prices increase. Louis President James Bullard said Monday that the continued strength in the labor market gives the Fed room to fight inflation. Bond yields were down as manufacturing activity slumped to the lowest level since May 2020, signaling further declines could be coming as credit conditions tighten. Tuesday's moves came after the Dow rose and the S&P 500 closed up 0.4% on Monday but the Nasdaq 100 lagged, falling 0.3%. This would be lower than the average job gains of 343,000 over the last six months.īond yields moved downward after the data prints. Economists surveyed by Bloomberg expect the report to show 240,000 jobs created last month.

economist at Oxford Economics, wrote in a note to clients on Tuesday.Īs Martin noted, another data print on which Wall Street will be keeping a close eye is Friday's jobs report. 'While the Fed will welcome the softening in the data, officials will put much more stock in Friday's employment report and will continue to raise rates at the coming meetings to ensure further progress is made toward softer labor market conditions and lower inflation,' Matthew Martin, U.S.

Some economists view the slowdown in the number of open job positions as 'progress' to reaching the Fed's goal of an equilibrium between supply and demand in the labor market.

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