After China’s dismal deflationary impulse (PPI/CPI slumping), US Producer Prices also disappointed, dropping 0.2% MoM – the biggest drop since Aug 2016.
Final Demand Producer Price growth YoY is at its weakest since August 2017…
However while Core PPI disappointed more, printing +2.7% YoY vs +3.0% YoY expectations (and fell 0.1% MoM against expectations of a 0.2% rise), it remains near its highest since 2011…
Finally, we note that Final Demand Consumption fell 0.2% MoM.
So disappointments but Core PPI still high – What Will Jay Powell Do?
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