Tuesday 3/24
ADP releases its National Employment report for the four weeks ending on March 7. In February, private employers added an average of 9,000 jobs per week according to ADP's NER Pulse. Despite a soft labor market, there has been massive repricing of the future path of the federal-funds rate away from interest-rate cuts since the end of February. Traders had expected two to three quarter-point cuts by year end but now see no cuts at all, with even a 33% chance of a rate hike by October.
Much of this is due to the concerns about the inflationary impact of the Iran war, which has caused oil prices to jump about 50% since it began. But it's also due in part to Fed Chair Jerome Powell saying this past week that he would be staying on the Federal Reserve Board of Governors until the Department of Justice's investigation into him "is well and truly over, with transparency and finality." Many had expected Powell to leave the board when his term as Fed Chair ends on May 15. Powell also said he'd stay on as Fed Chair if his potential successor, Kevin Warsh, isn't confirmed by the Senate when Powell's term ends.
S&P Global releases both its Manufacturing and Services Purchasing Managers' Index for March. Consensus estimate for the Manufacturing PMI is a 51 reading, while the Services PMI is expected to come in at 51.5. This compares with readings of 51.6 and 51.7, respectively, in February.
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(END) Dow Jones Newswires
March 20, 2026 21:30 ET (01:30 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
