The More Things Change

(1) Lots of news since last FOMC meeting. (2) Fed policy depends on interpretation of data. (3) Will Yellen say normalizing interest rates should be postponed while labor market is normalizing? (4) Financial conditions have improved greatly since last FOMC meeting, but could turn south quickly on rate-hike guidance. (5) What about inflation, the oil price, and expected inflation? (6) Betting on a dovish Fed. (7) Retail sales report lowers Q1 GDPNow forecast. (8) West Coast ports traffic showing more imports and fewer exports. (9) A primer on central banks’ negative interest rates.