Markets Temper Expectations for Fed Rate Cuts As Powell Speech Looms; Taiwan Quake Raises Tech Supply Concerns

• Federal Reserve Chair Jerome Powell due to deliver closely-watched speech, markets doubt Fed will ease policy as early as June • Markets not fully pricing in rate cut until July, lowered expectations for 3 cuts in 2023 • Strongest Taiwan quake in 25 years disrupts tech/semiconductor supply chains, could lead to disruptions • Key data releases today ADP private payrolls report, ISM services index • Stock index futures signal another cautious start, dollar remains elevated keeping traders eyeing intervention