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Producer Prices Warm Up, Jobless Claims Tick Higher In Disagreeable US Data
If hope still floated for a 50bps rate cut from Jerome Powell next week, Thursday's BLS update on wholesale prices sank it. Sank the hope, I mean.
A day on from a warmer-than-expected read on core consumer price growth for August, the government said producer prices rose 0.2% last month from July, ahead of consensus. Excluding food and energy, PPI rose 0.3%, likewise quicker than economists saw.
Notwithstanding my dramatized opening sentence(s), I wouldn't make too much of this release. July's
