US Macro & Fed Hawkish Shift: NFP, CPI, FOMC Minutes
Key Questions
What was the outcome of the March NFP report and its impact on the USD?
The March NFP report added 178k jobs, beating expectations and strengthening the USD in the short term. This data supports a hawkish outlook for the Federal Reserve.
What do the FOMC minutes indicate about potential rate hikes?
FOMC minutes reveal that more Federal Reserve officials are considering interest rate hikes this year amid surging oil prices and inflation. No rate cuts are priced in with an 80% probability.
What upcoming economic data is critical for the Fed's policy path?
March CPI data is due on Friday, followed by PCE and GDP releases. These are key indicators for assessing the Fed's direction relative to gold prices.
March NFP +178k beat strengthens USD short-term; FOMC minutes reveal more officials eyeing hikes amid oil/inflation surge, no cuts priced 80%, yields dip post-ceasefire. March CPI (Fri), PCE/GDP imminent—key for Fed path vs gold.
Sources (2)
Updated Apr 9, 2026