Mike Ofstad, Realtor

06/05/2026

For the week of June 5, 2026
A look into the markets

Interest rates moved slightly higher this past week as geopolitical tensions surrounding Iran continued to influence global markets. While the move in rates was relatively modest, investors remain focused on developments in the Middle East, inflation concerns and the strength of the U.S. economy. Let's look at what happened and what could be in store for markets in the week ahead.

Oil still elevated
Oil prices remained volatile this week as headlines from Iran and the broader Middle East continued to move markets. Each new development sparked fresh swings as traders assessed the risk of supply disruptions. Despite the day-to-day volatility, oil has stayed near $90 per barrel.

Elevated energy prices create challenges for the inflation outlook because higher fuel and transportation costs tend to work their way through the economy. When inflation pressures persist, bond investors typically demand higher yields to compensate for the loss of purchasing power over time. That is one reason why long-term interest rates, including mortgage rates, have remained stubbornly elevated.

Labor market resilience
As we often say, "Jobs Buy Homes." With that quote in mind, it was encouraging to see continued resilience in the labor market this week.

The Job Openings and Labor Turnover Survey (JOLTS) showed more available jobs than economists had anticipated, suggesting employers are still looking to hire. Meanwhile, the ADP Employment Report, which measures private-sector hiring, also came in stronger than expected.

Taken together, these reports reinforce the view that the labor market remains on solid footing. A healthy labor market supports consumer spending, household formation and housing demand. While strong employment can sometimes keep inflation pressures elevated, it also provides an important foundation for the economy. For housing, continued job growth remains one of the most important ingredients for long-term stability and future homeownership demand.

Trend remains your friend
A couple of weeks ago, we shared an interesting historical trend involving the 10-year Treasury Note. Over nearly two decades, whenever the 10-year Treasury yield has moved above 4.60 percent, it has failed to remain at or above that level three months later. Two weeks ago, the 10-Year Treasury briefly touched 4.70 percent, raising concerns that rates could continue climbing. Since then, however, yields have edged lower and currently sit beneath 4.50 percent. While history never guarantees future results, this remains a hopeful development for interest rates. If this historical pattern continues to hold, it suggests that the recent move higher may ultimately prove to be the peak in rates for this cycle. The coming weeks will provide additional clues as markets continue to evaluate inflation, economic growth and Federal Reserve policy.


30-year Mortgage Rates
June 4, 2026
6.48%
-.05% WoW (6.53%) -.37% YoY (6.85%)
10-year Treasury note yields
June 4, 2026
4.45%
-.00% WoW (4.45%) -.08% YoY (4.37%)

Looking ahead
Next week brings several important economic reports that could influence mortgage rates and broader financial markets.

Inflation data will take center stage with both the Consumer Price Index (CPI) and Producer Price Index (PPI) scheduled for release. With inflation remaining one of the market's primary concerns, investors will be closely watching these reports for signs that price pressures are either easing or reaccelerating. Any meaningful surprise could generate significant movement in both bond markets and mortgage rates.

We'll also receive updates on housing activity and consumer sentiment. Housing data will provide additional insight into buyer demand and market conditions, while consumer sentiment offers a valuable look into how households are feeling about the economy and their financial outlook. Together, these reports should help shape expectations for rates as we move deeper into the summer.

05/28/2026

05/22/2026

For the week of May 22, 2026
A look into the markets

Mortgage rates pushed up to fresh 2026 highs this week as global bond markets remained under pressure. Let’s break down what happened, why rates moved higher again, and what to watch in the week ahead.
Iran conflict unresolved
The market continues to wrestle with uncertainty surrounding the Iran conflict, and right now there is still no clear resolution in sight. Investors were hoping for signs of de-escalation, but ongoing tensions in the region continue to keep energy markets on edge.

Oil prices are now hovering near the $100 per barrel level, and that matters for mortgage rates. Historically, oil prices and long-term interest rates tend to ebb and flow together because higher energy costs feed inflation fears throughout the economy. When oil spikes, investors worry inflation could remain stubbornly elevated, which pressures bond markets and pushes yields higher.

That is one of the key reasons why 30-year mortgage rates moved to the highest levels of the year this week. Elevated oil prices are making it difficult for rates to move meaningfully lower.

Global inflation fears
This is not just a U.S. story.

Global bond yields are climbing sharply as investors worry about inflation, growing government debt loads, and rising deficits around the world.

In Japan, the 10-year government bond yield recently climbed to the highest level since 1996, while Japan’s 30-year bond yield pushed to record highs. In the UK, 30-year gilt yields surged to the highest levels since 1998. Germany’s 30-year bond yield has climbed to the highest level since 2011.

The common theme globally is concern that governments will need to continue issuing massive amounts of debt at a time when inflation risks remain elevated. That combination is keeping upward pressure on rates worldwide, including here in the U.S.

Housing starts and permits
Housing Starts showed residential construction activity fell 2.8 percent in April to a seasonally adjusted annual rate of 1.465 million units. While activity declined from March levels, the number still came in better than expectations of 1.420 million and was 4.6 percent higher than one year ago.

Single-family starts fell 9.0 percent from the previous month and were down 2.4 percent year-over-year, highlighting ongoing affordability pressure tied to elevated mortgage rates. However, multi-family construction remained stronger, rising 14.3 percent from March and up 23.3 percent versus last year.

The bigger takeaway is that housing data remains volatile month-to-month, which is why longer-term trends matter more than any single report. Builders continue to navigate higher financing costs, affordability challenges, and uncertain buyer demand, but this report did show some resilience in overall construction activity despite rates remaining elevated.

Building permits, which often provide insight into future construction activity, also continue to suggest builders remain cautious but active as they balance supply needs against affordability headwinds.

4.60 percent
The 10-year Treasury Note is once again trading near the highs of the year and around an important technical level near 4.60 percent.

Going back over the past several years, every time yields climbed above the 4.60 percent area, rates were lower three months later. That does not guarantee history repeats itself this time, especially with ongoing uncertainty surrounding Iran and oil prices, but technically speaking, the longer a ceiling like 4.60 percent exists, the more formidable it becomes.

Markets are clearly testing that level right now.


30-Year Mortgage Rates
May 21, 2026
6.51%015% WoW (6.360%) -0.35% YoY (6.86%)
10-year Treasury note yields
May 21, 2026
4.60%
+.14% WoW (4.46%) .0% YoY (4.60%)

Looking ahead
Next week brings several important economic reports and Treasury auctions that could impact mortgage rates.

On the economic side, markets will focus on: Consumer Confidence, the second read on Q1 GDP, Core PCE (Personal Consumption Expenditures) Inflation.

We will also see Treasury auctions for: 2, 5 and 7-year Notes. The auction demand will be closely watched given the recent rise in global yields.

Additionally, this will be Fed Chair Kevin Warsh’s first full week on the job, and markets will be paying close attention to both his tone and any signals regarding inflation, rates, and future Fed policy. Right now, elevated inflation concerns and rising global yields continue to keep pressure on mortgage rates.

As always, we will continue watching the bond market closely and keeping you updated throughout the week.

One thing that sticks out to me is that even though mortgage rates are the highest yet this year, they are still down 0.35% Year-Over-Year (6.85%). Global uncertainty is an additional pressure in play, and governments all over the world are issuing big amounts of debt. Who is buying the debt? Those same governments. Seems like a giant game of borrowing from Peter to pay Paul. Risky.
Another thing that strikes me is that Single Family Home starts are down 2.4% Year-Over-Year, while Multi Family starts are up a whopping 23.3%. So much for affordable homes. Putting first time home buyers out of touch with the American Dream. It will get better, but to me these are disturbing trends. On that note, have a great Memorial Day weekend, and please remember the sacrifice SO MANY soldiers have made to keep this a free and powerful country.

05/16/2026

For the week of May 15, 2026

A look into the markets

Mortgage rates improved this week after climbing to some of the worst levels seen in over a month. Let's discuss what happened and look at the week ahead.

Kevin Warsh Takes Over
Warsh officially takes the reins as new Federal Reserve Chairman this week. While markets initially viewed Warsh as potentially more market-friendly than Powell, his early commentary suggests inflation remains public enemy number one. One key difference under a Warsh-led Fed may be a stronger desire to shrink the Federal Reserve’s balance sheet more aggressively as part of the effort to fully extinguish inflation pressures still lingering in the economy. At some point, Warsh has indicated he would like to lower interest rates so “a broader range of people would benefit,” but only after inflation is convincingly back under control. And right now, inflation does not appear fully under control.

This past week’s inflation reports suggest the Fed still has more work to do. Even the Treasury market is signaling caution, with the 2-year Treasury note yielding near 4.00%, well above the current Fed Funds Rate and a sign investors expect rates to remain elevated for longer than many had hoped.

Another possible shift under Warsh? Less forward guidance.

Markets have grown accustomed to a near-constant stream of Fed speeches and policy hints between meetings. A Warsh-led Fed may become far less communicative outside official meetings, creating more uncertainty and potentially more volatility for both stocks and bonds.

Inflation Spike
Inflation moved back into the spotlight this week after both CPI and PPI came in hotter than expected.

Consumer prices accelerated as higher gasoline and energy costs filtered through the economy, while producer prices also showed renewed pricing pressure at the wholesale level. Energy played a major role in both reports as oil prices climbed sharply amid continued geopolitical tensions and tighter global supply expectations.

The bond market didn't like the news.

Treasury yields moved higher immediately following the reports as investors reduced expectations for near-term rate cuts and began pricing in the possibility that inflation may remain sticky well into next year.

What remains unclear is whether this latest inflation spike proves “transitory”…to borrow former Chair Powell’s infamous description of inflation several years ago, or whether this marks the beginning of a broader reacceleration in prices across the economy.

That question may ultimately determine where mortgage rates head next.

Oil at $100
Oil prices remain near the $100 level this week, and that matters because oil and 30-year mortgage rates tend to ebb and flow together.

While mortgage rates are now sitting at six-week highs, much of that move has been driven by the spike in oil prices and the inflation pressures that come along with it. Higher energy prices eventually work their way through the economy, impacting transportation, manufacturing, shipping, food costs, and ultimately inflation readings themselves.

That’s one reason bond investors have become increasingly cautious.

Until there is more clarity surrounding Iran and the broader geopolitical situation, oil prices are likely to remain elevated, and so are interest rates. Markets simply do not like uncertainty, especially when it carries inflationary consequences tied to global energy supply.

The next major move in mortgage rates may ultimately depend less on economic reports and more on headlines coming out of the Middle East.

4.50 percent
The 10-year Treasury once again ran into an important ceiling near the 4.50% level this past week, which helped prevent yields from moving materially higher.

That level continues to act as major resistance for the bond market.

There’s an old saying on Wall Street: the cure for higher rates is higher rates.

At some point, yields become attractive enough to draw investors back into bonds. And when buyers step in, bond prices stabilize, which in turn helps stabilize interest rates as well.

We saw some of that dynamic emerge this past week.


30-year mortgage rates
May 15, 2026
6.36%
-.01% WoW (6.370%) -.45% YoY (6.81%)
10-year Treasury note yields
May 15, 2026
4.44%
+.05% WoW (4.39%) -.08% YoY (4.52%)

Looking ahead
Markets now shift their attention toward several important economic reports next week that could heavily influence both bonds and mortgage rates.

Housing data will provide another look into how consumers are responding to higher borrowing costs. With rates now back near recent highs, investors will be watching closely to see whether housing demand begins softening or remains resilient.

Consumer sentiment will also be important as markets look for clues on how households are feeling about inflation, the economy and future spending plans. If consumers begin growing more cautious, that could eventually slow economic growth and ease inflation pressures.

We’ll also receive the latest S&P Global PMI data, which gives an early snapshot of business activity across both the manufacturing and services sectors.

And finally, markets will pour over the FOMC Minutes from the April meeting for any additional insight into how concerned Fed officials remain about inflation and whether internal discussions are shifting toward keeping rates higher for longer under the incoming Warsh-led Fed.

Bottom line: Volatility remains elevated as markets continue balancing inflation pressures, geopolitical uncertainty, oil prices and a major transition at the Federal Reserve.

Here's another thing I just can't keep quiet about. California Governor Gavin Newsom vetoed AB 2903 (authored by Assemblymember Josh Hoover) and AB 2570 (authored by Assemblymember Joe Patterson). Both bipartisan bills sought to enforce tracking and annual evaluation for state homelessness and housing spending in the wake of a state audit that found billions of dollars were spent without tracking demonstrable outcomes. Billions. My editorial: It's a for-profit industry absolutely full of corruption, and Newsom does not want to expose his friends that are mining billions while the homeless still get no help. And he is the front runner for the demo ticket in 2028? Puhlease!!

05/08/2026

I actually took this picture!

For the week of May 8, 2026—Vol. 24, Issue 19
A look into the markets

Mortgage rates improved this week after climbing to some of the worst levels seen in over a month. Let's discuss what happened and look at the week ahead.
Optimism in the Middle East
Markets responded positively to calmer conditions in the Middle East as cautious optimism grows that a broader path toward stability may be developing. While tensions remain elevated, investors appeared encouraged by the reduced fears surrounding global energy supply disruptions.

This matters because oil and mortgage rates ebb and flow together. As tensions eased, oil and Treasury yields both edged lower, helping mortgage pricing improve. If conditions improve and oil moves lower still, rates will follow suit. The opposite is true.

New home sales jump
New home sales surprised sharply to the upside, jumping 7.45 percent to an annual pace of 682,000 units. The stronger-than-expected reading suggests housing demand remains resilient despite the recent spike in mortgage rates and ongoing geopolitical uncertainty surrounding Iran.

It's reasonable to see even better new home sales reports in the future, should oil and global uncertainty decline further.


Labor Market Remains Resilient
Labor market data also remained solid. ADP Private Payrolls came in stronger than expected with 152,000 jobs added, signaling hiring activity continues at an OK pace.

Continuing jobless claims, which track individuals receiving ongoing unemployment benefits, fell to the lowest levels in nearly two years. Initial jobless claims also remain near the 200,000 level, which is historically low and consistent with a healthy labor market. Overall, employers still appear reluctant to reduce headcount.

4.35 percent
The 10-year Treasury briefly moved above 4.35 percent and accelerated toward 4.45 percent before retreating beneath this important pivot point. Historically, when the 10-year breaks above 4.35 percent, there tends to be a gravitational pull toward 4.50 percent - much like we witnessed in March.

However, if yields remain beneath 4.35 percent, the probability increases for downward momentum toward the 4.20 percent area.


30-year mortgage rates
May 8, 2026
6.37%
+.07% WoW (6.30%) -.39% YoY (6.76%)
10-year Treasury note yields
May 8, 2026
4.36%
+.03% WoW (4.39%) -.09% YoY (4.27%)
Looking ahead

Looking ahead
Markets now turn their attention toward upcoming Housing data, CPI (Consumer Price Index), PPI (Producer Price Index), and Retail Sales reports. Inflation readings remain especially important because they will heavily influence expectations amongst the Federal Reserve under a new Fed Chair Kevin Warsh.

The bond market will need to absorb a fresh supply of Treasuries including 3- and 10-year notes, and 30-year bonds. Bonds hate more bonds – so the buying appetite, or lack thereof, could be a market mover next week.

05/01/2026

For the week of May 1, 2026
A look into the markets

Interest rates pushed higher this week, reaching their highest levels in nearly a month, as markets worked through a steady stream of data and one very unexpected development about the Fed.
The Fed meeting
The Federal Reserve left rates unchanged, as expected. The story was in the details. There were four dissenters: one calling for a rate cut and three pushing against the signal that the next move will be lower. That’s the most dissent we’ve seen in over 30 years.

The real surprise came during Powell’s press conference. He announced he intends to remain on the board for a period while an ongoing investigation is resolved, “I have no intention of leaving the board until the investigation is well and truly over with transparency and finality.”

Powell emphasized he's not trying to act as a “shadow Fed” and acknowledged this will be Warsh’s Fed to run. Still, this is highly unusual. The last time a Fed Chair stayed on as a governor was nearly 80 years ago, and that moment came at a presidential request.

By Thursday, the bond market had its third and more measured or real reaction, with prices edging higher and offering modest rate relief.

Economy remains resilient
Powell reiterated the economy remains strong and the data backed it up. Durable Goods and Housing Starts beat expectations, while Initial Claims came in historically low. GDP was reported at 2.0 percent.

Bottom line: the economy is still growing, the consumer is still spending and recession risks remain low.

Oil above $100
Energy prices surged on uncertainty surrounding Iran, pushing oil above $100. As we often see, higher oil prices helped drive long-term rates, including mortgages, higher.

4.35 percent
The 10-Year Treasury is testing a key ceiling at 4.35 percent. A sustained move above this level likely opens the door to a retest of the 2026 highs near 4.48 percent.


30-year mortgage rates
May 1, 2026
6.30%
+.07% WoW (6.23%) -.46% YoY (6.76%)
10-year Treasury note yields
May 1, 2026
4.38%
+.09% WoW (4.29%) +.21% YoY (4.17%)
Rate information shared here reflects the national average and isn't a guarantee of rates available.

Looking ahead
In the week ahead, markets will be focused on a full slate of economic data that could shape the next move in rates. Labor market reports, including ADP and the Jobs Report, will provide key insight into employment trends, while housing data will continue to reflect the impact of higher rates on demand.

ISM Services and Productivity will help gauge overall economic momentum and inflation pressures, while JOLTS and consumer sentiment will offer a closer look at the strength of the consumer.

04/24/2026

For the week of April 24, 2026
A look into the markets

​​​​​​Interest rates held their best levels in over a month as markets balanced solid economic data, with easing geopolitical tensions along with the Fed in their blackout or “quiet” period. Let’s discuss what happened and look into the week ahead.

Warsh on the hill
This past Tuesday, Kevin Warsh was on Capitol Hill to go through his confirmation process. He outlined a clear vision for the Fed: a return to its core mission of managing inflation and supporting the labor market.

Warsh pushed back on “mission creep,” specifically calling out programs like QE (Quantitive Easing, an economic policy where the Central banks buy a predetermined number of Bonds, Company Shares, or other financial liquid assets (liquidity) in order to artificially stimulate economic activity) and initiatives beyond the Fed’s mandate. He also emphasized shrinking the balance sheet while cutting rates, arguing this approach would benefit a broader portion of the economy.

Notably, Warsh signaled a move away from forward guidance, meaning less Fed commentary between meetings, much like we are seeing this week as Fed officials do not speak during this “quiet” period.

Retail sales up
Retail sales came in stronger, reinforcing the ongoing strength of the consumer, the backbone of the U.S. economy. Even more important, “real” retail sales (adjusted for inflation) moved higher, signaling true demand growth.

This resilience offsets any notion of a recession in coming quarters as consumer spending makes up nearly two-thirds of economic growth.

Iran ceasefire extension
An extension of the Iran ceasefire helped ease energy concerns, contributing to calmer markets. Lower energy pressure and reduced volatility over the past month has been the main driver for the improvement in interest rates.

4.20 percent
The 10-year Treasury yield ebbs and flows with mortgage rates. The 4.20% level has acted as both resistance and support over the past few years.

We’re currently near 4.25%. Simply put, rates don’t materially improve until the 10-year breaks below 4.20%. It’s the level to watch.


30-year mortgage rates
April 24, 2026
6.23%
-.07% WoW (6.30%) -.58% YoY (6.81%)
10-year Treasury note yields
April 24, 2026
4.29%
-.01% WoW (4.30%) +.09% YoY (4.38%)
Rate information shared here reflects the national average and isn't a guarantee of rates available.

Looking ahead
This week brings a heavy slate of market movers.

Core PCE, or Personal Consumption Expenditures, (March) takes center stage as the Fed’s preferred inflation gauge, alongside the first read on Q1 2026 GDP: both critical for rate direction. Consumer Confidence, Durable Goods, manufacturing data, housing, and jobless claims will provide a full read on economic momentum.

The Fed meets Wednesday, with focus on tone rather than action. Markets will be listening closely for any shift in messaging.

Treasury auctions in the 2s, 5s, and 7s will also matter; strong demand supports rates, while weak demand could push yields higher.

04/20/2026

I know I'm a little late on this, but it does still apply, and is useful information.

For the week of April 17, 2026
A look into the markets.

This past week, interest rates improved again, touching the best levels in a month. Let’s discuss what is going on as we approach the April Fed Meeting.
Bonds make a MOVE
Volatility in the bond market is beginning to ease, and that’s making a difference for interest rates. The MOVE Index, often referred to as the bond market’s “fear gauge,” has been trending lower, signaling a calmer trading environment. As volatility declines, bond prices tend to move higher, which helps push long-term rates like mortgages lower.

A quieter market also helps address one of the biggest challenges for housing: the spread between the 30-year mortgage rate and the 10-year Treasury. Historically, that spread averages around 170 basis points, but it has recently hovered closer to 200 basis points. If volatility continues to subside, we could see that spread narrow back toward normal levels, even without further improvement in the 10-year yield. Much of this recent stability can be attributed to a calmer tone surrounding the Iran conflict.

Oil slips lower
Oil prices have also backed off recent highs, with WTI crude now well below the $114 per barrel levels seen just a couple of weeks ago. However, ongoing chatter about a potential two-week extension in the Iran conflict is keeping uncertainty in play. That may limit how much further oil, and in turn, interest rates can decline.

Producer prices lower than expected
Inflation data offered some relief this week, with the Producer Price Index (PPI) coming in lower than expected. As a leading indicator of inflation, softer producer prices can help keep consumer inflation in check. That’s welcome news for bonds and could support future Fed rate cuts if the trend continues.

4.20 percent
The 10-year Treasury yield has moved lower after reaching 4.48 percent on March 27 and is now testing a key level near 4.20 percent. A break below this level could open the door for further improvement in rates.


30-year mortgage rates
April 17, 2026
6.30%
-.07% WoW (6.37%) -.53% YoY (6.83%)
10-year Treasury note yields
April 17, 2026
4.28%
-.01% WoW (4.29%) +.01% YoY (4.27%)
Rate information shared here reflects the national average and isn't a guarantee of rates available.

Looking ahead
Next week will be a relatively quiet one, and quite literally. The Federal Reserve enters its blackout period, meaning Fed officials will not be speaking on monetary policy. With no Fed commentary to guide markets, attention will shift to incoming data.

On the calendar, we’ll get Retail Sales, Pending Home Sales, Jobless Claims, and Consumer Sentiment. While these reports can move markets, there are no Treasury auctions scheduled, removing a recent source of upward pressure on yields.

In short, with less Fed noise and fewer market-moving events, the current trend of lower volatility could continue, keeping the focus on whether rates can build on their recent improvement.

04/16/2026

Come visit me this Saturday, April 18th, from 1-4pm at this beautiful NEW home at 27022 36th Ave NW, Stanwood. There are 10 sites and all are an acre. Room for privacy and community. See you there!

04/10/2026

For the week of April 10, 2026
A look into the markets.
Interest rates moved to their best levels in three weeks as markets reacted to cautious optimism surrounding easing tensions in the Iran conflict. The shift in sentiment helped push bond yields lower, giving mortgage rates some welcome relief.
Geopolitics and oil relief
Markets found support as tensions between the U.S., Iran and Israel showed signs of de-escalation. While far from resolved, the reduced threat of immediate conflict helped calm global markets.

The biggest reaction showed up in energy. Oil prices dropped nearly $25 per barrel from recent highs. That matters. Lower oil reduces inflation pressure, which in turn supports bond prices and helps bring interest rates down.

Fed’s favorite inflation gauge
Core PCE, the Fed’s preferred measure of inflation, came in at 3.0 percent year-over-year; still well above the Fed’s 2.0 percent target.

Progress? Yes. Mission accomplished? Not yet. A key driver remains healthcare costs, which continue to run hot and keep core inflation sticky. This is exactly the type of data that keeps the Fed cautious and limits how quickly rates can fall.

The range holds at 4.3 percent
Since peaking at 4.48 percent on March 27, the 10-year Treasury yield has improved and is now hovering near 4.3 percent.

We remain range-bound: 4.2 percent = support (floor); 4.5 percent = resistance (ceiling). Until we break out of this range, expect mortgage rates to move within a relatively tight band.


30-year mortgage rates
April 9, 2026
6.37%
-.09% WoW (6.46%) -.25% YoY (6.62%)
10-year Treasury note yields
April 9, 2026
4.26%
-.05% WoW (4.31%) -.13% YoY (4.39%)
Rate information shared here reflects the national average and isn't a guarantee of rates available.

Looking ahead: data and Fed timing
This week brings several key reports that could shape rate direction:

PPI (Producer Price Index): A read on pipeline inflation; does it confirm cooling trends or signal lingering pressure?

Housing data: A direct look at how consumers are responding to current rate levels.

Manufacturing data: A pulse check on economic momentum; any softness could help bonds. The opposite is true.

Earnings season begins: Watch corporate guidance closely for insight into economic expectations and sales guidance.

The Fed quiet period begins April 18, limiting commentary, with the next Fed meeting set for April 28–29. Markets will begin positioning ahead of that decision. This is slated to be Jerome Powell’s final meeting as Fed Chair.