U.S. April CPI shock at 3.8%; gasoline $4.50/gallon, consumer sentiment record low

Labor Department data showed April CPI up 3.8% YoY, the largest increase in three years, with energy accounting for more than 40% of the monthly gain. AAA regular gasoline topped $4.50 per gallon, roughly 44% higher than a year ago, while the University of Michigan's May consumer sentiment index fell to its lowest level since the survey began in 1978.