From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 5/13/2026
U.S. equity markets are mixed this morning as investors digest the latest inflation data. The S&P 500 and Nasdaq are higher, while the DJIA is lower. Treasury yields moved higher, with the 10-year yield reaching the highest level in 10 months, while oil prices have also moved up amid ongoing geopolitical tensions and their potential impact on energy supply. The DJIA finished higher on Tuesday, while both the S&P 500 and Nasdaq finished lower.
The Producer Price Index accelerated 1.4% in April, marking the largest monthly increase since March 2022 and well above expectations. On a year-over-year basis, producer prices increased 6.0%, the fastest pace since late 2022. Core inflation, excluding food and energy, rose 1.0% for the month and 5.2% over the last year, up from 4.0% the previous month. A further measure, also removing trade services, showed prices increased 0.6% for the month and 4.4% over the last year.
MBA mortgage applications increased 1.7% from last week. Home purchase applications increased 4%, while refinance applications fell 1%. The report also showed that the average interest rate of a conforming 30-year mortgage increased one basis point to 6.46%, the highest level in five weeks.
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