Monetary policy

"The Fed is going to have to pivot — not on the basis of inflation numbers, but the basis of the real economy," Mohamed El-Erian said.

New York Fed President John Williams said the Fed "will cut rates eventually" during a fireside chat at Milken Institute's Global conference on Monday.

"The Fed is certainly not going to be overly concerned about the growth backdrop" at this week's Federal Open Market Committee meeting, said BMO Chief Economist Douglas Porter.

Recent economic data have shown inflation stubbornly above the Fed's 2% target, putting rate cuts in jeopardy. Join us on May 2 at 3 p.m., as Lauren Saidel-Baker, an economist with ITR Economics, parses the FOMC meeting, Chair Powell's press conference and takes a look at future policy.

The minutes underscored officials' reluctance to lower rates until they have more evidence inflation is firmly on a path to 2%, the rate they see as the sweet spot in a healthy economy.

The ISM report "feeds into the narrative coming out of last week," whereby the economy's resilience enables the Fed "to be patient," said Gregory Faranello, head of U.S. rates trading and strategy for AmeriVet Securities. For the bond market, that means rates stay "higher for longer."

D.A. Davidson Director of Wealth Management Research James Ragan will review and analyze the March Federal Open Market Committee meeting.

"The risks to achieving our employment and inflation goals are moving into better balance," Cook said.

Analysts ponder what the Fed will do this year with a March cut ruled out amid recent reports of higher-than-expected inflation.

The prospect of three consecutive negative total return years and a GAO ruling giving congress the power to review the DoT's multimodal discretionary grant funding opportunity are two of the recent developments coming out of Washington, D.C.