Resilient U.S. economic data and Federal Reserve communications anchor the 91.5% market-implied probability against an emergency intermeeting rate cut before 2027. First-quarter 2026 GDP grew at a 2% annualized pace, nonfarm payrolls remain solid with unemployment near 4.3%, and inflation hovers around 3% with sticky core measures, prompting the FOMC to hold the federal funds target range steady at 3.50%-3.75% through the April 28-29 meeting. Major banks such as Bank of America now forecast no policy easing until mid-2027, citing robust labor conditions and subdued recession odds near 23%. Traders expect any adjustments to occur at scheduled meetings rather than crisis-driven moves, though a sharp deterioration in financial stability or an unexpected downturn could still prompt intermeeting action.