Fed, Treasury Refunding Preview

April 29, 2024 — On Wednesday, the FOMC will release its May policy statement, which will not contain any accompanying “Fed dots” or economic projections, and nearly all market participants, us included, are expecting no change in the Fed policy rate at this meeting. However, given the inflation trend since the last meeting, the FOMC and Fed Chair Jerome Powell will likely give a nod to the lack of progress on inflation, which on balance will be a more hawkish stance versus the March meeting.