Bonds & Stocks
The first inflation snapshot of the spike in energy costs matched expectations, driving stocks higher ahead of this weekend’s planned peace talks between the US and Iran. Equities extended their advance into an 8th straight session, with the S&P 500 on pace for its best week since May. Bond yields edged only mildly higher. The S&P 500 rose 0.2%. The yield on 10-year Treasuries advanced two basis points to 4.30%.
Economy
Bond traders trimmed wagers that the Federal Reserve will lower interest rates once this year after data confirmed that US inflation quickened in March as the Iran war led to higher gasoline prices. Interest-rate swaps on Friday showed traders pricing in a roughly onein-three chance of a quarter-point rate cut this year.
World
NASA Prepares for Artemis II Splashdown After Historic Moon Flyby Today. The mission is seen as a key step toward resuming crewed lunar landings. Artemis II’s four astronauts are scheduled to land in the waters off Southern California.