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Stocks closed lower yesterday after Fed Chairman Jerome Powell said in a news conference that recently low inflationary pressures may only be “transitory,” dashing speculation the central bank was at least entertaining the idea of an interest rate cut.

The Federal Reserve left interest rates unchanged yesterday.  The Fed funds rate influences the cost of borrowing for mortgages and all sorts of consumer and business loans, noting a recent decline in inflation even as the economy continues to grow “at a solid rate.”

More proof that the US labor market is on fire.  The payroll company ADP said that private-sector employers hired 275,000 people in April, which topped economists’ consensus estimate for 180,000 jobs added.

Cura Partners the biggest cannabis company to rise in Oregon since the state legalized recreational pot in 2014, has agreed to be acquired in a blockbuster, nearly $1 billion all-stock deal with Curaleaf Holdings, a Massachusetts-based company.

We’re halfway through 1st quarter earnings season and of the companies that have reported so far 77% have beaten Wall St estimates.