In the absence of yesterday’s job openings data, we got the private sector numbers this morning. It showed a rise of 22,000 jobs in January – far below the expected 45,000.

It’s a big week for jobs data – starting with the job openings numbers tomorrow. But today, all we have on deck is some manufacturing activity data, which showed surprising growth. That’s a good sign for the economy.

The producer price data came in this morning and it was hotter than expected – at 0.5% monthly and 3% annually. Coupled with Trump’s pick of Kevin Warsh, a noted monetary “hawk”, as new Fed Chair nominee this morning and markets have been under pressure.

The usual weekly jobless claims numbers came in this morning. At 209,000 it was a slight increase from last week – and also marginally ahead of expectation. We also received productivity data from the third quarter, which came in bang on in line with expectations. Tomorrow, we’ll get some major producer price data.

The Fed decision comes out in an hour. Then, Powell begins his market-moving press conference 30 minutes later. Everyone will be closely watching.