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From the Desk - Economic Commentary

Brandon Casey, Member Strategist - 4/12/2024

U.S. stocks are falling Friday as inflation concerns continue to weigh on investors. The DJIA and S&P 500 appear to be headed towards a losing week, while the Nasdaq remains higher. The consensus from Fed comments this week is that officials are in no rush to cut rates as inflation remains stubbornly high.

Looking at economic data today, import prices rose 0.4% in March, just above expectations of 0.3%, and prices were up 0.4% over the past year, the first annual gain since January 2023. Excluding fuel and food, core import prices were unchanged. Export prices were up 0.3% for the month, though they were down 1.4% over the last year.

Elsewhere, the preliminary April University of Michigan Consumer Sentiment Index unexpectedly dipped to a reading of 77.9, down from 79.4 The current conditions reading was at 79.3 and Expectations at 77.0, both below estimates. Year-ahead inflation expectations increased to 3.1%, up from 2.9% the previous month.

U.S. Treasury yields are lower this morning, with the 2-year Treasury yield down 7.3 basis points to 4.89%, the 5-year Treasury yield down 8.8 basis points to 4.54%, and the 10-year Treasury yield down 7.9 basis points to 4.50%. With the exception of the shortest terms, advance rates are lower today.

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