10-Year Treasury Yield
U.S. Treasury yields slipped on Monday, retracing some gains made after the release of better-than-expected nonfarm payrolls data. The yield on the 30-year Treasury was down 2 basis points to 3.7420% at 2 a.m. ET. The 10-year Treasury fell 1 basis point to 3.4351%. Yields and prices move in opposite directions. One basis point equals 0.01%.
Wholesale inventories nnnmeasures of capital expenditures and employment also rising
MBA Purchase Applications
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CPI
In a release Wednesday, the Labor Department said the consumer price index, a popular gauge of prices that consumers pay for a bevy of goods and services, increased 0.4% in April, equating to a 4.9% annual inflation rate. The latter number was the lowest reading since April 2021. inflation rate eases to 4.9% in April, less than expectations. The consumer price index rose 0.4% last month, pushed higher by rising shelter, used vehicle and gas prices. The increase was in line with Wall Street expectations. On an annual basis, the inflation rate was 4.9%, slightly less than the estimate and providing some hope that the trend is lower. For workers, real average hourly earnings, adjusted for inflation, rose 0.1% for the month but were still down 0.5% from a year ago. The consumer price index, which measures the cost of a broad swath of goods and services, increased 0.4% for the month, in line with the Dow Jones estimate, according to a Labor Department report Wednesday. However, that equated to an annual increase of 4.9%, slightly less than the 5% estimate and the lowest annual pace since April 2021. The annual rate was 5% in March. Excluding volatile food and energy categories, core CPI rose 0.4% monthly and 5.5% from a year ago, both in line with expectations.
Treasury Busget
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Jobless Claims
In other news, weekly jobless claims jumped to 264,000, the highest reading since Oct. 30, 2021. A separate Labor Department report Thursday showed that jobless claims for the week ended May 6 jumped to 264,000, a rise of 22,000 from the previous period. The total was well above the Dow Jones estimate for 245,000 and the highest reading since Oct. 30, 2021. Continuing claims edged higher to 1.81 million.
PPI
The PPI differs from the CPI in that it measures prices that producers pay for the goods and services they need. On Thursday, April’s producer price index reflected a 0.2% increase of wholesale prices on a monthly basis, lower than the 0.3% rise economists surveyed by Dow Jones had previously expected. Wholesale prices rose just 0.2% in April, less than estimate as inflation pressures ease. The producer price index, a measure of prices for final demand goods and services, increased 0.2%, against the Dow Jones estimate for 0.3%. Headline PPI rose just 2.3%, down from 2.7% in March and the lowest reading since January 2021. Portfolio management costs and gasoline prices helped push the increase, while a 37.9% plunge n chicken egg prices helped keep the number in check. The producer price index, a measure of prices for final demand goods and services, increased 0.2%, against the Dow Jones estimate for 0.3% and after declining 0.4% in March. Excluding food and energy, the core PPI also rose 0.2%, in line with expectations. The core reading was the same excluding trade.On an annual basis, the headline PPI increased just 2.3%, down from 2.7% in March and the lowest reading since January 2021.
Import and exports nnnnn
Consumer Sentiment
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