The job print that makes cutting more likely. The Fed will shift its focus to containing upside inflation risks now that the labor market appears back on track. The FOMC could well feel compelled to remove the easing bias from its next post-meeting statement in June, which would suggest the hawks are gaining the upper hand on the committee for the time being. Strong data and inflation have likely put paid to any easing in the foreseeable future, though this could change depending on how energy p

The job print that makes cutting more likely. The Fed will shift its focus to containing upside inflation risks now that the labor market appears back on track. The FOMC could well feel compelled to remove the easing bias from its next post-meeting statement in June, which would suggest the hawks are gaining the upper hand on the committee for the time being. Strong data and inflation have likely put paid to any easing in the foreseeable future, though this could change depending on how energy prices and the situation in the Middle East develop.