August Producer Price Index: What It Means
The August Producer Price Index landed at +0.9% month-over-month, far above the -0.5% consensus and a sharp reversal from July's -0.8% decline. On a year-over-year basis, producer prices rose +6.4%, accelerating from July's +1.5% and shattering expectations for a +1.8% print. This is not a benign August CPI: What to Watch as Inflation Data Lands reading. The disinflation process that supported risk assets through the summer faces its first serious challenge.
Key Takeaways August PPI came in at +0.9% month-over-month and +6.4% year-over-year, far exceeding expectations for -0.5%/+1.8%. Markets reacted immediately, with SPY dropping -0.46% and TLT falling -0.57% as rate expectations repriced hi…
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