Bonds & Stocks
Wall Street traders sent bond yields lower after tame inflation data combined with lackluster readings on retail and manufacturing bolstered the case for Fed rate cuts this year. Treasuries rose across the curve, with the move led by shorter-term maturities. Money markets showed slightly higher odds of at least two Fed reductions in 2025, starting in September. Stocks lost steam after a rapid surge.
Economy
Prices paid to US producers unexpectedly declined in April by the most in five years, largely reflecting a slump in margins, suggesting companies are absorbing some of the hit from higher tariffs. The 0.5% decrease in the producer price index followed no change in March, Bureau of Labor Statistics data showed Thursday. Excluding food and energy, the PPI declined 0.4% — the most since 2015.
World
US President Donald Trump said there’ll be no resolution of Russia’s war in Ukraine until he meets with Russian leader Vladimir Putin, as the prospects for planned peace talks in Turkey remained uncertain.