Alan Greenspan passes away

What happened: Alan Greenspan, the influential economist who served as Chair of the Federal Reserve from 1987 to 2006, has passed away at the age of 100. Known as "the Maestro," Greenspan steered U.S. monetary policy under four presidents and helped establish the Fed's credibility. His tenure saw significant events like the 1987 stock market crash and the dot-com bubble.

Market impact: Greenspan's death is unlikely to have immediate market impact as his influence on monetary policy has waned since his departure from the Fed. However, his legacy of easy-money policies and debt-fueled financial system may continue to influence market dynamics. His successor, Jerome Powell, is expected to maintain the current monetary policy trajectory.

What to watch next: Investors should monitor the Fed's upcoming policy meetings, scheduled for March 15-16 and May 3-4, for any shifts in monetary policy. Additionally, the release of the U.S. Q1 GDP report on April 28 will provide insights into the economy's health, which could influence the Fed's policy decisions.