The Bank of Canada, also meeting to set policy rates, similarly opted to keep rates unchanged at 2.25%. Our full review of the FOMC decision is available here, and the BOC decision here. Fed-dated OIS saw the market-implied future path of the Fed Funds rate lift by 2-4bps over the remainder of the year. In his press conference Powell reiterated that some recent data suggested that the labor market has stabilized, despite the very low rate of hiring in the USA. Powell characterized the labor market as exhibiting weak demand but that this was offset by weak supply as labor force growth was constrained by lower immigration and labor force participation.