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Editor’s Note: This article has been updated to include new information on price changes for specific items such as diesel fuel and chicken eggs, alongside hay and hayseeds prices.
Producer prices in the United States rose more than expected in February, echoing a similar trend observed the previous month and raising concerns about a potential resurgence in inflationary pressures.
The Producer Price Index (PPI) rose by 0.6% month-over-month in February, the Bureau of Labor Statistics reported Thursday. This increase represented an acceleration compared to January’s 0.3% pace, and exceeded the expected 0.3%.
The producer inflation data comes on the heels of a February’s consumer inflation report that also exceeded expectations earlier this week, presenting challenges to the anticipated adjustments in the Federal Reserve’s interest rate policies.
Prior to the PPI report, market-implied probabilities showed a 68% chance of a Fed rate cut in June.
Policy sensitive 2-year yields inched higher by 3 basis points to 4.66%, minutes after the report. A measure of the dollar, as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), rose 0.2%.
Futures on major U.S. indices trimmed gains during the premarket session. The Invesco S&P 500 Equal Weight ETF (NYSE:RSP) closed at all-time highs on Wednesday, outperforming the cap-weighted index, as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY).
Image created using artificial intelligence with Midjourney.