FOMC

Federal Reserve Bank of St. Louis President James Bullard said President Donald Trump’s White House has had “exploratory discussions’’ with him about taking a job as a Federal Reserve governor, adding he was not planning to leave his current job.

Aides will send a short list of candidates to President Donald Trump soon.

Declining consumer confidence and home sales back Powell's assessment that uncertainties are rising.

While leaders Powell and Clarida see a growing case for accommodation, Kashkari, Bullard say the need for a rate cut is already here.

A day after the Fed held rates, the market was “fatigued” on the long end, while the shortend saw improvement after a more dovish tone from the FOMC.

The markets are pricing in a 25 basis point Fed rate cut in July, as Thursday’s indicators showed continued manufacturing weakness.

While the statement said the panel will “act as appropriate,” the dot plot showed as many expect a cut as foresee no change.

The White House explored the legality of demoting Federal Reserve Chairman Jerome Powell in February, soon after President Donald Trump talked about firing him, according to people familiar with the matter.

While the markets are pricing in two or three interest rate cuts this year, doubters remain.

Traders are now pricing in a more than 80% chance of a rate cut in July.