US Stocks Slip on Weak Economic Data and Recession Fears

Weaker-than-expected private payrolls data for March has deepened worries that the rapid interest rate hikes by the Federal Reserve may tip the U.S. economy into a recession. With growing concerns about a worsening economic outlook following the recent turmoil in the banking sector, market expectations have shifted in favor of the U.S. central bank hitting the brakes on its interest rate hikes. Traders' bets of a pause by the Fed in May shot up to 62.2%, while odds of a 25-basis point interest rate hike fell to 37.8%.