Rio Times Global Economy Briefing
The Big Three
Inflation hit a three-year high. Headline PCE rose to 3.8% year-on-year from 3.5% in March, while Core PCE at 3.3% was the highest since November 2023.
Stocks shrugged it off. The S&P 500 closed at a record 7,563.63 (+0.58%) and the Nasdaq at 26,917.47 (+0.91%) on reports of a 60-day US-Iran ceasefire memorandum.
The bond market’s third strike. The 7-year auction tailed to 4.290% from 4.175%, completing a clean sweep of weak sales across 2-, 5-, and 7-year notes this week.
