Market Brief – Friday 5/13/22

Stocks and Treasury yields started the day higher as investors are in a risk-on mood.

Export prices rose +0.6% and import prices were unchanged at +0.0% in April, indicating disinflation is coming.

The preliminary University of Michigan Consumer Confidence Survey shows that consumer confidence is crashing as consumer sentiment, current conditions, and expectations all sharply declined in May. Inflation expectations and 5-year inflation expectations were unchanged.

Stocks rallied sharply higher on the day and Treasury yields closed higher on the day.