Fed likely to leave rates unchanged as it hunts for clarity on the economy

Incoming data are neither good nor bad enough to force the FOMC to reveal its intentions,

wrote Steve Englander, head of macro strategy for North America at Standard Chartered

It is not unusual for hard data to lag significantly in event-driven downturns ... It is notable that the soft data ... have already fallen more than in the typical event-driven recession,

Jan Hatzius, chief economist at Goldman Sachs, wrote this week

We've been in an environment ... that has generated a large amount of uncertainty, and so far it hasn't diminished."

That observation followed a recent roundtable with reporters in Washington during which Hatzius said

The Fed is caught in this wait-and-see approach, and the next round of data should swing them one way or the other, whether it’s to cut rates and support the economy or stay on hold to guard against additional inflation,

Dominic Pappalardo, chief multi-asset strategist at Morningstar Wealth, told CNN

To me, this is a good moment for us to take our time and make sure we’re moving in the right direction,

Cleveland Fed President Beth Hammack told CNBC in an April 24 interview

Christopher Wallerfed Governor

I’m willing to look through whatever tariff price effects there are,

Fed Governor Christopher Waller told Bloomberg last month

Once we get to early June, the economic data should give much greater insight on the impact of tariffs,

he said

You’ve seen that this is not a Fed that’s afraid of moving quickly if we need to move quickly,

she said