Good Friday morning, everyone. Welcome to Squawk on the Street. I'm Sarah Eisen with David Faber and Mike Santoli, live as always, from post-9 of the New York Stock Exchange. Carl's on assignment. What a week. And here we are. With the S&P 500 actually higher right now, we've reversed an earlier decline. We're all over the place. The Dow has just a negative, it's positive, can't make up its mind. The NASDAQ is a little bit higher. Cut some dogs living together. It's just crazy. It's crazy. And yesterday we saw a big sell-off after the big rebound on Wednesday. We're going to talk about it. I would focus on bonds today. This is the center of the storm right now. And what you're seeing is bonds selling off and yields higher. The 10-year yield is above 4.5%. We've seen a sharply higher move over the last few sessions. The 30-year yield just under 5%. We're going to talk about the why and why a lot of the bond folks that I'm talking to on the desk are getting a little worried about this move. Yes, for sure. We are 30 minutes into the trading session. Here are some movers that we're

watching. Of course, watching China-related names after trying to retaliated against raised U.S. tariffs

with higher levies of its own. We will head live to Beijing for the latest in just a moment,

although you see China linked ETFs and stocks higher on the session. Big currency moves as the dollar slides to

fresh lows on the year. Yesterday was the dollar's worst day in three years, now hitting a 10-year

low against the Swiss franc as well. You see the opposite directions. Dollar and Frank have gone

on a euner date basis. Euro also popping to highs last seen in 2022 on the commodities front gold,

remaining a safe haven, almost to the exclusion of everything else, hitting more all-time highs

this morning while oil prices continue to fall. And separately, a number of results out of the big banks

this morning, J.P. Morgan, Wells Fargo, Morgan Stanley. We will break down the numbers this hour. J.P. Morgan, Wells Fargo, Morgan, Stanley. We will break down the numbers this hour.

J.P. Morgan up 2% the others backing off.

All right. We also have some economic data that just crossed the tape, and Rick Santelli has that for us.

Rick.

These are not pretty numbers on our April preliminary look on University of Michigan sentiment.

On the headline number, 50.8, that's three points less than we are expecting.

That's about six and a half points under our last look, and that's the weakest since June of 22.

56.5 on current conditions, that's also extremely light.

Weakest since June of 22.

Huge dropping expectations, 47.2. And on the inflation front, 6.7% on one year inflation.

That follows of 5%. That would be the highest, the highest since the Thanksgiving of 1981.

4.4 and 5 to 10 year inflation, that would be the highest since the summer of 91.

Now, these are, of course, not quantified, but qualified their surveys.

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