Federal Reserve officials conclude a meeting on Wednesday amid expectations they won’t change their monetary policy settings as counterparts elsewhere follow its dovish turn. A press conference by Chairman Jerome Powell will be eyed for insights into his view of the policy outlook as well as what he’s thinking about his inflation target and bond portfolio.
“While the Fed is not expected to take any policy action at its May 1 meeting, there will be plenty of action behind the scenes,” said Carl Riccadonna, chief U.S. economist at Bloomberg Economics. Perhaps as interesting will be a flood of data in the aftermath of last week’s news that U.S economic growth accelerated markedly in the first quarter, albeit driven by advances in trade and inventories, which may reverse. The high point will be Friday’s release of the U.S. jobs report for April, with a gain of 180,000 expected by the consensus of economists surveyed by Bloomberg News. A survey of manufacturers on Wednesday is also expected to show some signs of stabilizing.
Elsewhere, China releases its purchasing managers index on Tuesday, the same day that the euro-area is predicted to show its economy steadied in the first quarter.Other major data due include the U.S. report on personal income and spending on Monday, which is forecast to show spending outpacing income. On Wednesday, the Treasury will reveal its latest plan to keep selling debt to plug a record budget deficit. The U.S. and China will resume trade talks in Beijing amid hopes a deal is imminent.
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