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Last night, the U.S. April PPI year-on-year was released: previous value 2.7%, expected 2.5%, published value 2.4%. The U.S. April PPI month-on-month previous value 0%, expected 0.2%, published value -0.5%, creating the largest drop since April 2020.

Powell's latest speech

Powell's speech last night focused on adjusting the monetary policy framework, hinting at a return to traditional inflation targeting and adopting a more flexible attitude towards the job market, maintaining high interest rates in the short term to observe inflation trends. The market reaction was mild but slightly negative, with U.S. stocks falling and bond yields rising.