CIO Notebook: April Inflation Showing Few Signs Of Tariff-Related Acceleration

2025-05-20 02:35:00 ET

Summary

• U.S. CPI readings for April were a touch lighter than forecasted, with U.S. headline CPI up +0.2% month-over-month (MoM) and up +2.3% year-over-year (YoY).
• Equity markets were initially higher on the release but have given some of that back in the session, while the U.S. dollar and yields are lower.
• While the U.S.-U.K. deal maintained the 10% baseline tariff, it opened the door to greater negotiation of sectoral tariffs.

Originally published on May 13, 2025

By Shannon L. Saccocia

We advise our clients to take advantage of any volatility in the coming weeks to continue to move towards longer-term strategic allocations, particularly for those who are under-allocated to private markets and/or have large cash positions. ...

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