April 18, 2018
March's tariffs did cause "dramatic" price spikes for steel as well as stockpiling in a Fed Beige Book that otherwise proved routine. The report's assessment remains the same: inflation and economic growth are moderate.
A draw in weekly inventories gave oil a lift, ending more than $2 higher and nearing $69. Demand for Treasuries, which had been steady, eased today with the 10-year Treasury yield up 5 basis points to 2.88 percent. The Dow edged lower to 24,748 with the dollar little changed.