U.S. stocks declined for the week as surging inflation pushed equities lower, the S&P 500 declined 2.1% and the Dow was down 0.8% for the week. Foreign stocks fell as the war and Covid lockdowns continue to constrain supply chains, the FTSE All World Ex US was down 0.8% for the week. US crude ended the week at $106.95 per barrel up from $98.26 the week prior. The 10-year Treasury yield increased to 2.83% from 2.70% the week prior.
Skyrocketing energy and food costs as well as strong consumer demand pushed US inflation to 8.5% in March, another four decade high. Core inflation increased 0.3% in March, Below expectations.
The rate on a thirty fixed mortgage hit 5% for the first time in more than a decade.
More factories in China are halting production due to Covid lockdowns putting additional pressure on supply chains.
ECB president Lagarde said the ECB will continue to lag behind the Federal Reserve in tightening monetary policy.