A relatively light week given recent events, with the only notable releases being Consumer Sentiment and Retail Sales. Consumer Sentiment has broken its recent downtrend, ticking up slightly. However, in the face of rising gas prices and increasing costs of living, this may shift in the next release. Retail Sales have also shown a positive uptick, indicating that the economy remains resilient despite ongoing global events.

Consumer Sentiment
US consumer sentiment showed some improvement amid a two-week ceasefire between the US and Iran, but it’s still at record lows, according to new data from the University of Michigan. The Index of Consumer Sentiment showed consumer sentiment ended April with a final reading of 49.8, above the 48.5 reading economists expected but marking the lowest level on record — below readings taken during the financial crisis, the COVID-19 pandemic, and when inflation spiked following Russia’s invasion of Ukraine.

Retail Sales
U.S. retail sales increased more than expected in March as the war with Iran boosted gasoline prices and led to a record surge in receipts at service stations, while tax refunds underpinned spending elsewhere.

Primary Mortgage Market Survey Index

• 15-Year FRM rates saw a decrease of -0.07%, with the current rate at 5.58%
• 30-Year FRM rates saw a decrease of -0.07%, with the current rate at 6.23%

MND Rate Index

• 30-Year FHA rates saw an increase of 0.03% for this week. Current rates at 5.91%
• 30-Year VA rates saw an increase of 0.04% for this week. Current rates at 5.93%

Jobless Claims
Initial Claims were reported to be 214,000 compared to the expected claims of 210,000. The prior week landed at 208,000.

What’s Ahead
Employment data, Trade Deficit, and Consumer Credit should be strong releases for this upcoming week.

With the full release of all the data for PPI and CPI—albeit delayed—we now have a clearer picture that the recent wars have pushed inflation to a three-year high.

The Federal Reserve has made no clear indication of its plans, but for the foreseeable future, much of the speculation points toward keeping rates at their current levels, with no plans to raise or cut them.

Consumer Sentiment reports, as well as the Federal Reserve’s Beige Book, have also provided insight that conditions are slowing down, as businesses appear to be tempering activity amid the war in Iran. This should signal an overall slowdown across numerous markets.

Price Producer Index (PPI)
The producer-price index jumped 0.5% last month, the government said Tuesday, to mark the fourth straight big increase. Economists polled by the Wall Street Journal had forecast a sharper 1.1% advance.

Core PPI
U.S. inflation at the wholesale level rose to a three-year high in March due to surging oil prices tied to the Iran war, but aside from energy, the increases in the cost of other goods and services were surprisingly tame. 

Primary Mortgage Market Survey Index

• 15-Year FRM rates saw a decrease of -0.09%, with the current rate at 5.65%
• 30-Year FRM rates saw a decrease of -0.07%, with the current rate at 6.30%

MND Rate Index

• 30-Year FHA rates saw a decrease of -0.03% for this week. Current rates at 5.88%
• 30-Year VA rates saw a decrease of -0.04% for this week. Current rates at 5.89%

Jobless Claims
Initial Claims were reported to be 207,000 compared to the expected claims of 215,000. The prior week landed at 218,000.

What’s Ahead
Next week is the Federal Reserve’s PCE Index, which is known to be more timely in its data releases. This will be followed by the Personal Income and Spending data. Both are strong indicators of the current state of the market for consumers.

The core CPI and PCE data have been released, leaving only the non-core CPI data delayed. Amid the Iran war, inflation has once again risen to higher levels, with most sectors seeing widespread price increases due to higher fuel and energy costs. As fuel costs rise, there is a knock-on effect across other consumer products as well. However, inflation has remained within expectations when considering the impact of the war.

PCE Index
Shortly before the start of the Iran war, a key measure of U.S. inflation rose at an excessive pace for the third month in a row, underscoring the latest challenge facing the Federal Reserve as it tries to squelch stubborn price pressures. The personal-consumption price index, the Fed’s preferred price gauge, rose by 0.4%, matching the forecast of economists.

Consumer Price Index
In March, the Consumer Price Index for All Urban Consumers rose 0.9 percent, seasonally adjusted, and rose 3.3 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.2 percent in March (SA); up 2.6 percent over the year (NSA). CPI for all items rises 0.9% in March; gasoline up.

Primary Mortgage Market Survey Index

• 15-Year FRM rates saw a decrease of -0.03%, with the current rate at 5.74%
• 30-Year FRM rates saw a decrease of -0.09%, with the current rate at 6.37%

MND Rate Index

• 30-Year FHA rates saw no change for this week. Current rates at 5.91%
• 30-Year VA rates saw no change for this week. Current rates at 5.93%

Jobless Claims
Initial Claims were reported to be 219,000 compared to the expected claims of 210,000. The prior week landed at 203,000.

What’s Ahead
The most significant upcoming releases will be additional inflation data from the remaining CPI and PPI reports, along with the Federal Beige Book, which will provide insight into the current state of the economy.

With the continued delay in the CPI and PCE inflation data, this week’s headlines will focus on unemployment figures. Job reports show an increase of 178,000 workers, though this growth is unlikely to persist given the current state of the economy. Unemployment data has also shown a positive release, reflecting a slight decrease from the previous report.

Since the Federal Reserve discontinued rate cuts in December, the outlook remains highly uncertain as it continues to grapple with numerous aspects of the current economic environment.

Unemployment Data
The U.S. added a greater-than-expected 178,000 jobs in March and the unemployment rate fell a tick to 4.3%, signs that the labor market is holding firm even as the economy undergoes another spasm of uncertainty tied to the Iran war. The increase in employment in March, the biggest in 15 months, was padded by the return of 31,000 striking nurses. Better weather last month may have also helped.

Primary Mortgage Market Survey Index

• 15-Year FRM rates saw an increase of 0.02%, with the current rate at 5.77%
• 30-Year FRM rates saw an increase of 0.08%, with the current rate at 6.46%

MND Rate Index

• 30-Year FHA rates saw a decrease of -0.19%, with current rates at 5.91%
• 30-Year VA rates saw a decrease of -0.19%, with current rates at 5.93%

Jobless Claims
Initial Claims were reported to be 202,000 compared to the expected claims of 212,000. The prior week landed at 211,000.

What’s Ahead
We should see the PCE index data (the Fed’s preferred gauge for inflation) as well as CPI data released. 

With the current state of affairs, it is not surprising that a majority of the releases scheduled for this week have been delayed until next week. The only notable report set to be released is the consumer sentiment report, which has been showing month-to-month declines. This has led to a very light week, with a heavy slate of inflation data scheduled for release next week. The PCE Index and CPI are both scheduled for next week.

Consumer Sentiment
The University of Michigan’s Consumer Sentiment Index fell sharply to 53.3 in March 2026, down from the preliminary estimate of 55.5 and below February’s 56.6. This places sentiment near record lows observed at the end of 2025, with declines spanning all age groups and political affiliations.

Households with middle and higher incomes, as well as those with stock wealth, experienced the steepest drops in confidence. The downturn reflects the impact of rising gas prices and financial market volatility, both exacerbated by the ongoing Iran conflict.

Primary Mortgage Market Survey Index

• 15-Year FRM rates saw an increase of 0.21%, with the current rate at 5.75%
• 30-Year FRM rates saw an increase of 0.16%, with the current rate at 6.38%

MND Rate Index

• 30-Year FHA rates saw an increase of 0.10%, with current rates at 6.10%
• 30-Year VA rates saw an increase of 0.11%, with current rates at 6.12%

Jobless Claims
Initial Claims were reported to be 210,000 compared to the expected claims of 210,000. The prior week landed at 205,000.

What’s Ahead
CPI and PCE Index data is set to release the next week along with other notable delayed releases such as unemployment data.

While delayed, the Producer Price Index has indicated that the war in Iran has pushed producer prices to new highs, as oil prices have surged amid the conflict, coming in at more than double the expected value. It is unlikely we will see prices recede, even if there is a quick resolution. There will be long-term impacts that continue to keep gas prices elevated until then.

Outside of the influential PPI release, the schedule was relatively slim, with only further discussion of the FOMC rate decision, which largely focused on maintaining the status quo until more data and developments come to light.

Producer Price Index
The producer price index, a measure of pipeline costs that producers receive for their products, increased a seasonally adjusted 0.7% on the month, the Bureau of Labor Statistics reported Wednesday. Excluding volatile food and energy costs, the so-called core PPI increased 0.5%.

For the all-items index, prices rose faster than the 0.5% pace in January. However, the core increase was less than the 0.8% for the prior month. On a 12-month basis, headline PPI inflation was at 3.4%, the most since February 2025, while core was at 3.9%, according to the BLS. The Federal Reserve targets inflation at 2%.

Primary Mortgage Market Survey Index

• 15-Year FRM rates saw an increase of 0.04%, with the current rate at 5.54%
• 30-Year FRM rates saw an increase of 0.11%, with the current rate at 6.22%

MND Rate Index

• 30-Year FHA rates saw an increase of 0.13%, with current rates at 6.00%
• 30-Year VA rates saw an increase of 0.12%, with current rates at 6.01%

Jobless Claims
Initial Claims were reported to be 205,000 compared to the expected claims of 215,000. The prior week landed at 213,000.

What’s Ahead
Employment data, employment, wages, consumer confidence, and manufacturer reports such as the PMI are due next week without any delays.