US PPI data for January 2021
- Final demand MoM 1.3% vs. 0.4% estimate
- Ex Food and energy 1.2% vs. 0.2% estimate
- Ex food and energy, trade 1.2% vs. 0.2% estimate
- Final demand YoY 1.7% vs. 0.9% estimate
- Ex food and energy YoY 2.0% vs. 1.1% estimate
- ex food, energy, trade YoY 2.0% vs. 1.0% estimate
Producer price inflation numbers much higher than expected which will get the market thinking that the wholesale inflation would push into the consumer price data. US stocks are lower with the NASDAQ down around -67 points (as implied by the futures). The Dow industrial average has also moved lower after trading higher. Yields have also moved back toward unchanged level and the longer end.