Inflationary Pressures and Economic Divergence
S&P 500 gained 9% year-to-date despite low consumer confidence.
April Producer Price Index inflation hit 6%, highest since 2022.
One-year inflation expectations reached 4.8%, highest since 1980s.
Personal savings rates fell to 4% in Q1 2023.
JPMorgan warns of 'K-shaped economy' with middle-income consumers struggling.
10-year Treasury yields closed at 4.57% amid market stress.
Vanguard notes consumer sentiment leads spending by 1-3 months.
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