Morning Update! PPI Final Demand Prices UP 11% YoY, 10Y Treasury Yield DOWN -7.2 BPS, Europe DOWN > -10 BPS, NASDAQ Down 2%, Mortgage Rates UP To 5.57%

With the US engaged in a proxy war with Russia, and Covid mutations starting to rear their ugly heads … again, markets are feeling particularly jittery today.

Producer Price Index Final Demand PRICES were up 11% YoY for April (Ludgate).

The 10-year Treasury yield is down -7.2 bps, but look at Europe! Down over 10 bps across the board (except for Greece).

The Dow is down -1.09% and the NASDAQ is down -2.09%.

Mortgage rates? Bankrate’s 30Y mortgage rate is up to 5.57%, but we may see some easing as the 10-year Treasury yield is down today.

April Ludgate is the honorary representative to the markets.

And April Ludgate perfectly represents the attitude of the Biden Administration towards energy prices and the American middle class.