The Fed blackout starts at midnight but there’s always a race to get in the last word:

• Welcomes moderation in housing-related inflation
• High inflation as become embedded in the economy
• Job market still strong but there are signs of cooling
• Inflation pressures have been abating but core prices still sticky
• March PCE inflation likely to moderate to 4%
• Path back to 2% likely to be uneven and bumpy
• We’re trying to figure out where the Fed needs to stop with rate rises
• Continued economic strength and slower disinflation could push the Fed to do more
• Monetary policy moving into a more uncertain phase

These are relatively dovish comments and work well with a one-and-done scenario where the Fed wants some time to wait and see how the economy evolves.

The March PCE inflation report is due out on Friday.

This article was written by Adam Button at www.forexlive.com.