US June PPI figures exceed estimates; do little to sway Fed rate cut expectations

12 July 2024

 

Summary: US producer price index (PPI) up 0.2% in June, slightly higher than expected increase; annual rate accelerates to 2.7%; “core” PPI up 0.4% over month, up 3.0% over year; ANZ: increase is attributable to a 1.9% jump in margins for final demand trade services; US Treasury yields fall; rate-cut expectations firm; Westpac; upside surprises do little to sway expectations of upcoming rate cuts; services prices up 0.6%, goods prices...

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