Feeling a little crabby lately, even though your commodity exchange traded funds (ETFs) are putting up decent numbers? You’re not alone: consumer sentiment is at a 28-year low.

The reading for May was the lowest since June 1980, although it was a touch higher than the preliminary reading from earlier this month, reports Burton Frierson for Reuters. Five-year inflation expectations rose to 3.4%, the highest since April 1995.

The numbers challenge the Federal Reserve’s opinion that skyrocketing commodity prices haven’t yet led to to an increase in long-term expectation for price growth. Overall, the signs are pointing to beginning stages of stagflation, marked by a slow economy and rising prices. Good times.

Things seem to be looking a little better in the Asia-Pacific and European markets, since Tiffany & Co. (TIF) reported a 19% rise in profit for the first quarter. The jewelry purveyor doesn’t expect any improvement in the U.S. market until later this year, reports Anne D’Innocenzio for the Associated Press.

Tiffany is 2.1% of the SPDR S&P Retail (XRT), which is up 0.1% year-to-date. It’s not a holding of the Claymore/Robb Report Global Luxury (ROB), but perhaps Tiffany’s numbers could mean better things for the top holdings of the fund?

Sales rose 38% in Europe, and ROB is 67.1% allocated in Europe. Year-to-date, however, it’s down 8.6%. Tiffany is continuing an expansion into the Asia-Pacific region (minus Japan), the United States and Europe.

Tags: Asia, Commodity ETFs, Europe, Federal Reserve, Retail, XRT