Summary: US producer price index (PPI) down 0.3% in May, less than expected; annual rate slows to 1.2%; “core” PPI up 0.2%; NAB: further evidence of building disinflationary forces; short-term Treasury yields up, longer-term yields down; 2024 rate-cut expectations soften; goods prices down 1.6%, services prices up 0.2%. Around the end of 2018, the annual inflation rate of the US producer price index (PPI) began a downtrend which continued through...