- Prior was +8.6%
- PPI m/m +0.8% vs +0.4% expected
- Ex food and energy +7.7% vs +7.2% y/y expected
- Ex food and energy +0.7% vs +0.4% m/m expected
The US dollar is slightly stronger on this, particularly against the commodity currencies as risk trades slip due to high inflation and fear of a hawkish Fed tomorrow. When your input prices are rising nearly 10% in a year, there's a good chance that's getting passed on.
Keep an eye on gold, which is down $9 to $1777. It's not getting any love from the inflationistas.
