US consumer confidence hits historic low as inflation concerns grow

US consumer confidence has fallen to a historic low due to rising inflation concerns. Stronger-than-expected April jobs data indicates the Federal Reserve's priority is addressing unaffordable living costs, limiting rate cut possibilities. Inflation remains a concern, prompting a more hawkish stance from the Fed. High oil prices and supply chain disruptions, exacerbated by Middle East tensions, are contributing to consumer cost pressures and a surge in the global supply chain pressure index.