Wednesday, May 3, 2023

Fed likely to hike interest rates again, then signal a pause in its inflation fight
Fed's Powell may signal end to interest rate hike campaign as inflation cools
The Federal Reserve is on track to raise interest rates for the 10th straight time Wednesday, but the end may finally be in sight for the fastest tightening campaign since the 1980s.

The U.S. central bank is widely expected to lift the federal funds rate by a quarter-percentage point at the conclusion of its two-day meeting then hint at a long-awaited pause in rate hikes. 

The move would set the federal funds rate between 5% to 5.25%, further restricting economic activity as the borrowing costs for homes, cars and other items march higher. It would mark the highest rate since 2007. 

Policymakers projected a peak rate of 5.1% during their March meeting

But Wall Street is even more focused on Chairman Jerome Powell's press conference at 2:30 p.m. ET for additional clues about what comes next in the Fed's inflation fight. Read more and see video here.

Key Democrats Still Won't Commit to Supporting Embattled Biden Nominee
Rebecca Downs / Townhall Tipsheet
The saga of Secretary of Labor nominee Julie Su continues, with this latest update once again having to do with Sen. Joe Manchin (D-WV). The vulnerable Democrat, who may or may not run for reelection in 2024, has been undecided on whether he'll vote to confirm the nominee. He has been trying to meet with her and will reportedly be doing so on Wednesday.

If the experience of fellow vulnerable incumbent Sens. Jon Tester (D-MT) and Kyrsten Sinema (I-AZ) is any indication, though, it doesn't mean that Manchin will make up his mind one way or the other. As CNN's Manu Raju noted, Tester and Sinema have met with Su but have not indicated whether they support her or not.

Su passed out of the United States Senate Committee on Health, Education, Labor and Pensions (HELP) last week along partisan lines, despite a particularly brutal confirmation hearing the week prior. Read more and see tweets here.
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