"If you take this to its natural extension, the FTC is invalidating hundreds and hundreds of years of statutes being implemented on this topic."

After a combined 1,475 bps in increases, the U.S. Fed, ECB, and BOE are expected to reduce rates by only 575 bps by the end of next year.

The Fed's preferred inflation gauge was up 0.3% in March—a 2.8 percent increase from a year earlier

The second-straight increase in core capital goods orders points to stabilization in equipment investment, which has been a drag on GDP in recent quarters.