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Inflation affecting American producers showed a broader uptick in April, with the headline month-over-month figure far exceeding estimates Tuesday, one day before the critical consumer inflation report is released.
The Producer Price Index (PPI) shows an increase of 0.5% in April compared to March, reaching its highest level in a year.
PPI Measure | Mar. 2024 | Apr. 2024 | Exp. |
---|---|---|---|
Headline (Y/Y) | 1.8% | 2.2% | 2.2% |
Headline (M/M) | -0.1% | 0.5% | 0.3% |
Core (Y/Y) | 2.4% | 2.4% | 2.4% |
Core (M/M) | -0.1% | 0.5% | 0.2% |
Prior to the PPI release, traders had priced in nearly 50 basis points of Fed rate cuts by year end.
Treasury yields rose across the board, with the rate-sensitive two-year yield up 4 basis points to 4.88% as of 8:33 a.m. in New York.
The U.S. dollar index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), strengthened 0.2%.
Futures on major U.S. stock indices trended lower on Tuesday premarket trading. On Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) closed flat.
Gold, as tracked by the SPDR Gold Trust (NYSE:GLD), rose 0.5% to $2,343 per ounce.
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