Two days of FOMC meetings begin today.
Two data points that policymakers will want to digest are the JOLTS reading for March and the factory orders report for April. There's a strong assumption that both jobs and manufacturing are strong but even the slightest signs of a slowdown may give officials some pause in an aggressive pace of normalization -- particularly given the backdrop in equity markets.
JOLTS are expected to show 11.0m job openings but we'll also be focused on the quits rate. Factor orders are expected to rise in 1.1% and we'll also get revisions to durable goods orders.
For the remainder of today's economic calendar, there's nothing notable so it will be all about the ebb and flow followed by earnings later, which includes AMD, AirBnB and Starbucks.
Notably, both shares of Expedia and Hilton are down today, suggesting a cooling market view on travel.
