US Inflation Outpaces Wages; Bernstein Backs Figure Tokenization

U.S. consumer prices rose 3.8% in April from a year earlier, exceeding wage growth of 3.6%. Food prices increased 0.5% for the month. Average U.S. gasoline prices were near $4.50 a gallon, about $1.36 higher than a year earlier. Analysts say supply disruptions tied to the Iran war have pushed up costs for chemical inputs, lifting prices for plastics and other manufactured goods. The administration delayed a plan to suspend beef import tariffs and has considered a temporary suspension of the federal gas tax.

Markets adjusted interest-rate expectations after the hotter inflation reading. The Bank of Japan flagged the possibility of near-term tightening. Long-term yields in the U.K. climbed to multi-decade highs. A stronger dollar and higher bond yields have placed pressure on risk assets and complicated the outlook for Federal Reserve rate cuts, which many investors had expected later in 2026. The S&P 500 remained up about 8.3% year-to-date.

Bernstein analysts led by Gautam Chhugani wrote that tokenization platforms can sidestep broader macro repricing and reiterated a $67 price target on Figure Technology Solutions (FIGR), implying roughly 72% upside. Figure reported Q1 tokenization volumes rose 113% year-over-year to $2.9 billion. The company reported its blockchain loan marketplace began the year with record origination volume and that its decentralized finance ecosystem is expanding.

Figure executive Michael Tannenbaum wrote, “We’re a Rule of 140 company,” adding the metric reflects rapid and efficient scaling. Whether recent energy-driven price increases spread into core CPI categories or ease if hostilities abate will factor into Federal Reserve decisions over the summer and affect how markets price future policy.