The central bank meeting no one is talking about
The Fed is set to meet next week on 2 May
And with only a 3.3% probability of a rate hike baked into the Fed funds futures - it's no wonder why nobody cares about the FOMC meeting next week.
I've stated in the past that the Fed is being held hostage by the market with regards to timing of their rate hikes - and this is just another example of it. Just look at what is priced in for June - a whopping 92.4%.
While the Fed has done well to guide the market in terms of their tightening process, at times you have to wonder is this really the right step forward for central banks.
The market may largely ignore the FOMC meeting in May, but the statement to be released will still be heavily scrutinised nonetheless. This was the statement in March for reference.
If anything, look for clues on the Fed's inflation outlook - this is now the main topic of focus with regards to the Fed and with yields closing in on 3%. Otherwise, I wouldn't blame you if you didn't realise there was a FOMC meeting happening.