US Core PPI m/m

Goldilocks it wasn't... as inflation macro data surprised to the upside and growth macro data to the downside (we love the smell of stagflation in the morning)... chart ... but that didn't stop stocks soaring for the fifth straight week, with Small Caps exploding higher today (back into the green for the week)... chart ...as "most shorted" stocks saw a massive squeeze higher today... chart Of course, a market wrap would not be complete without discussing the shitshow in Shanghai as Chinese stocks witnessed the greatest ...

A measure of prices paid to US producers was unchanged in September, restrained by declines in gasoline, suggesting further progress toward tamer inflation. The producer price index for final demand was flat from August after rising 0.2% in the prior month, according to a Bureau of Labor Statistics report out Friday. From a year ago, it rose 1.8% — the smallest advance since February. A less-volatile measure favored by many economists for stripping out food, energy and trade edged up 0.1%, matching the smallest advance since no ...

ECB cut rates by 25bps as expected (along with a stagflationary cut to growth and hike to inflation forecasts) but all eyes were on US data. A hotter than expected PPI followed the hotter than expected core CPI pushed rate-cut expectations lower (although jobless claims fell). Interestingly, rate cut expectations for 2024 jumped after the ugly 30Y auction and WSJ Fed-whisperer Nick Timiraos comments (which were entirely useless, merely stating that policymakers were considering whether to cut by 25bp or 50bp)... chart As the chart ...

The Federal Reserve gets its last look this week at inflation readings before it will determine the size of a widely-expected interest rate cut soon. On Wednesday, the Labor Department’s Bureau of Labor Statistics will release its consumer price index (CPI) report for August. A day later, the BLS issues its producer price index (PPI), also for August, a measure used as a proxy for costs at the wholesale level. With the issue virtually settled over whether the Fed is going to cut rates when it wraps up the next policy meeting Sept. ...

The European Central Bank’s carefully choreographed rate-cutting cycle got off to an awkward start in June after last-minute data upsets. For credibility’s sake, policymakers had only one choice – press ahead with the planned 25-basis-point rate reduction but present it as a ‘hawkish cut’. Fortunately for the doves and struggling European businesses, the case for further policy easing has strengthened since the last gathering in July when rates were kept on hold. Headline inflation dipped to 2.2% y/y in August and the rebound in euro ...