Tuesday's Scoop: Stalled☀️

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Here’s what you need to know today to inform your work, spending, and investments…

1. The collapse of the bridge in Baltimore will cause some economic fallout.

2. Gas prices have been climbing and could be high for summer travel.

3. Americans aren’t too worried about inflation or a recession at the moment.

Unemployment Rate: 3.9%
^{Still near the lowest rate in 50+ years}

The collapse of the Baltimore Bridge will have economic impacts on certain sectors. Baltimore’s Francis Scott Key Bridge crumpled into the river on Tuesday after a container ship crashed into its column, causing unknown casualties. While Baltimore isn’t a massive trade port, accounting for only 3% of the Atlantic trade, according to Bloomberg, it processes the most automobiles of any port. The next major port for vehicles is 700 miles south. This may lead to some inflation in car and truck prices. It’s also a key port for farming equipment and agricultural machinery. It’s unclear how long the disruption will last, but it’s one more instance highlighting the fragility of US infrastructure and supply chains.

Inflation Rate: +3.2% (YoY), +0.4% (MoM)
^{Policymakers aim for 2% YoY inflation.}

Americans are still feeling pretty good about the economy, all things considered. The Conference Board's Consumer Confidence Index stayed flat in March after falling in February following three consecutive months of improvement. Recession fears aren’t rising much, and people don’t expect living costs to surge anytime soon. Inflation expectations are important because they can be self-fulfilling as consumers spend more and businesses raise prices to cover costs. Consumers power two-thirds of the economy, so economists monitor our sentiment closely.

Gas prices have been climbing, and they may get worse. Prices at the pump have risen steadily over the past two months thanks to lower supply and concerns around the Middle East and Ukraine conflicts. According to AAA, the national average price per gallon has risen to $3.53 from $3.11 at the start of the year. It’s still well below last year’s peak of $5, but AAA forecasts prices rising to $4 per gallon by the summer as demand picks up from increased travel.

The Market: ⬇️ -0.3%
S&P 500: 5,203.58
1Mo: +3% | 1Yr: +31% | 5Yr: +84%

The market drifted sideways on Tuesday without much for investors to focus on. Markets will be closed on Friday for a US holiday, and there's a data drought until after the month and quarter ends.