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Demand for workers is moderating, but the data likely doesn't amount to "an unexpected weakening" that would warrant a policy response.

In remarks following today's FOMC meeting, Powell did not comment on whether rate cuts are likely this year, something he has said after prior meetings.

A cooldown in the labor market primarily driven by fewer workers switching jobs may be indicative that the economy is approaching a soft landing.

After a combined 1,475 bps in increases, the U.S. Fed, ECB, and BOE are expected to reduce rates by only 575 bps by the end of next year.

The Fed's preferred inflation gauge was up 0.3% in March—a 2.8 percent increase from a year earlier

"The Fed is on hold. Investors feel a little reprieve that [inflation data] didn't come in higher, which could make people start thinking about a rate-hike scenario."

The second-straight increase in core capital goods orders points to stabilization in equipment investment, which has been a drag on GDP in recent quarters.

"First, in my mind, the plain text of the FTC Act clearly gives the agency the authority to promulgate rules addressing unfair methods of competition," FTC Chair Lina Khan said. Not everyone agrees.