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The Weekly Wrap - May 20, 2022

Investors had their eyes laser-focused on this week’s consumer price report for April, which, as expected, continued to fly well above the Federal Reserve’s comfort level and further backed up polls that indicate inflation is the primary concern of households. While the report contained few surprises, it provided support to both the half-empty and half-full crowd. The latter drew encouragement from the slower increase in the headline consumer price index, which notched a 0.3 percent gain during the month, the slimmest in eight months and sharply below the 1.2 percent surge in March. The easing month over month increase lowered the annual inflation rate to 8.3 percent from the 40-year high of 8.5 percent reached in March.