Summary: US producer price index (PPI) up 1.4% in March, larger than expected; annual rate rises from 10.4% to 11.2%; “core” PPI up 1.0%; “pipeline inflationary pressures remain elevated”; US Treasury yields lower, rate-rise expectations ease; factors behind figures unlikely to be resolved in short-term. Around the end of 2018, the annual inflation rate of the US producer price index (PPI) began a downtrend which continued through 2019. Months in...