With yesterday's CPI coming in soft, as expected, and bolstering the rate cut narrative, I'm wondering why PPI coming in hot today wouldn't dampen yesterday's sentiment? It's instead seemed bolster sentiment.
Lately, soft and lower than expected readings have been good news for markets, so one would logically anticipate the opposite, hotter readings, to do the opposite. With Core PPI coming in a full half percent higher YoY than expected, thay didn't seem like something as easy to brush off as say, a tenth or two off.
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