Bonds & Stocks
A resurgence in inflation sent bonds lower and stocks wavered on speculation the Federal Reserve will keep interest rates higher for longer as the war in Iran boosts energy costs. S&P 500 futures were little changed. The yield on 10-year Treasuries advanced one basis point to 4.47%.
Economy
US wholesale inflation accelerated in April to the fastest pace since 2022 on a war-driven increase in energy prices that’s feeding into higher freight transportation costs. The producer price index rose 6% from a year ago, according to Bureau of Labor Statistics data out Wednesday.
World
President Donald Trump arrived in Beijing for the first state visit to China by a US leader in nine years, as the world’s two largest economies look to stabilize ties with a summit playing out against the backdrop of the Iran war. Air Force One touched down at the Beijing Capital International Airport slightly before 8 p.m. on Wednesday.