Economic & Market Watch

In the News

Economy

• The U.S. labor market added 178,000 jobs in March, with the unemployment rate edging down to 4.3%, following reported job losses in February.
• U.S. mortgage rates declined to about 6.5% for a 30-year loan. The latest job report numbers and persistent inflation concerns are reducing the likelihood of near-term Federal Reserve interest rate cuts. New inflation data scheduled for release this week are expected to reflect the recent surge in energy prices, with economists anticipating a sharp monthly increase that could complicate the Fed’s policy outlook.

Markets

• West Texas Intermediate crude oil futures traded above $110/barrel, remaining elevated due to supply disruption risks tied to the Iran conflict and uncertainty surrounding the Strait of Hormuz, a key global oil transit route.
• U.S. stock futures were modestly higher to start the week following recent volatility, as investors monitor geopolitical developments, upcoming inflation data and Fed meeting minutes for policy direction.

Current Events

• Traffic through the Strait of Hormuz has climbed to its highest levels since the early days of the war, as more countries secure apparent safe-passage agreements with Iran, strengthening Tehran’s grip on the waterway.
• Two liquefied natural gas (LNG) tankers from Qatar have switched their destinations to Pakistan after appearing to abort an earlier attempt to leave the Persian Gulf via the Strait of Hormuz. No LNG tankers have exited the strait since the war began.

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Meet the Team

CFC's economic research team—John Suter, Sam Kem and Antony Davies—share their expert, yet easily digestible, perspective on what you need to know.

Have feedback about the podcast? A topic you'd like the EMW team to cover? Get in touch at economicresearch@nrucfc.coop.

Source: U.S. Energy Information Administration, Trading Economics