The Fed will release its first quarterly forecasts since December along with the latest monetary policy decision at 2:00 p.m. Eastern Time today. The Fed is all but certain to keep interest rates in a zero to 0.25% target range and signal it is not yet ready to exit emergency policies introduced to keep credit flowing during the pandemic. Last week's surprising payrolls numbers are unlikely to see any major change to the outlook yet, with economists surveyed by Bloomberg not seeing a hike in rates until 2022. The announcement will be followed by a press conference with Fed Chairman Jerome Powell. (Bloomberg)

The OECD this morning released its latest forecasts for the global economy which make for grim reading. The organization emphasized the need to maintain stimulus measures as it predicts a 6% slump in global economic activity this year, or a 7.6% contraction if there is a second wave of the virus. It also warned that any recovery would be uneven, echoing sentiments from the World Bank earlier this week. The cautious approach to stimulus withdrawal is at odds with some lawmakers who are now questioning the need for more help for the U.S. economy. (OECD)

Tiffany has reached an agreement with lenders to amend its debt covenants, further complicating the ability of luxury conglomerate LVMH to renegotiate a deal it struck before the pandemic to buy the US jeweller for $16.5bn  The conglomerate offered a 37 per cent premium to Tiffany's market value, but is now desperately looking for a way out of the deal.  (FT)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.