‘Cool’ Is An Extremely Relative Term

US producer prices rose half as much as expected in December, data out Thursday showed. With traders having largely shrugged off an objectively harrowing CPI report on the (tenuous) contention that it was "as-expected," a relatively cool read on PPI was certainly amenable to constructive spin. PPI for final demand rose just 0.2% MoM in December (figure below). Consensus expected a 0.4% increase. The range, from nearly five-dozen economists, was 0.1% to 0.6%. The 9.7% YoY print, as alarming as
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