US Producer Prices (PPI) Increased by more Than Forecast

Following a separate CPI report this week that showed a jump in inflation, this PPI print likely reaffirms the view that the Fed will hold off reducing interest rates until officials are convinced inflation is cooling sufficiently.

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Hiccups were discounted by the markets even though they are to be expected 

it points towards moderating yet robust economic performance. 

These trends support the expectation that the Federal Reserve will continue planning for interest rate reductions during upcoming meetings.