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US Producer Price Index (PPI) Surges to 3.3%

The US Producer Price Index (PPI) rose to 3.3% on an annual basis in July, exceeding expectations and marking the largest 12-month increase since February. This is higher than the Federal Reserve's 2% inflation goal.

Key Details from the PPI Report

- *Monthly Increase*: The PPI jumped 0.9% month-on-month, surpassing the Dow Jones estimate of 0.2%.

- *Services Inflation*: Services costs increased 1.1%, with trade services margins rising *2%*.

- *Core PPI*: Excluding food and energy, core PPI rose 0.9% against a forecast of 0.3% .

Market Reaction

Following the release, stock market futures fell slightly, while shorter-duration Treasury yields moved higher. The odds of a September interest rate cut decreased but only slightly .

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