The actual Q1 GDP release is tomorrow. This nowcast was fairly noisy. It will be interesting to see what the GDP number is. The banking crisis hit towards the tail end of the quarter. While the current economic indicators are still relatively good we are starting to see some signs of softening.
The next FOMC meeting is in a week. The market expects a 25 basis point hike. This would put us at the Fed's forecasted terminal rate of 5-5.25%. There's some signs of tighter bank lending, which has an implicit monetary tightening effect. So the Fed may be nearing the end of the rate hikes.