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What to Watch: ADP Private Employ Data Up Next

US TSYS
  • Aside from this afternoon's FOMC policy announcement, early attention on ADP Employer Services data in a few minutes (estimated +148k jobs gain vs. +145k prior) ahead Friday's non-farm payrolls data.
  • Midmorning data includes S&P Global US Services/Composite PMIs at 0945ET and ISM Services data at 1000ET.
  • FOMC announcement at 1400ET followed by Chairman Powell's press conference to discuss the policy announcement.
  • A 25bp increase in May to a 5.00-5.25% funds rate target range could mark the final hike in the Fed’s tightening cycle, which began 475 basis points ago in March 2022.

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