in March, data on Friday showed, pushing the unemployment rate down to 3.5% and raising odds of the Fed hiking rates one more time next month.
"While the Fed will raise rates by 25 basis points in May, there is a good chance that it will be the last for this tightening cycle and could end up taking longer for them to start cutting rates than investors have been anticipating," said Sam Stovall, chief investment strategist at CFRA Research in New York.
Several economic indicators last week, including weak private payrolls and job openings data, initially raised hopes of a pause to the market-punishing rate hikes amid the recent banking sector turmoil. However, the odds of a 25-basis point rate hike by the Fed in May rose to 68% after Friday's jobs data, according to CME Group's Fedwatch tool, from 57% last week.
Focus this week will shift to U.S. consumer and producer prices data, the Fed's March meeting minutes and quarterly results from big U.S. banks including JPMorgan Chase & Co
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