US: March FOMC, ISM Non-Manufacturing, and ADP Employment for March due today - TDS

Research Team at TDS explains that March FOMC, ISM Non-Manufacturing, and ADP Employment for March, the latter of which will give a last look at the labor market ahead of nonfarm payrolls on Friday is due today from the US. 

Key Quotes

“We look for the FOMC minutes to convey a slightly hawkish tone, given the improvements to the inflation outlook and we will be on alert for any discussion of the balance sheet or reinvestment policy.”

“ADP employment is expected to show a 185k gain in private payrolls for the month of March while the ISM Non-Manufacturing Index is expected by the market to retreat to 57.0 from 57.6, mirroring the pullback in the manufacturing index. We also watch for any improvement in the employment sub-index, but caution that adverse weather will have an impact on hiring.”