“Muted inflationary pressures”; US July PPI up 0.1%

Summary: US producer price index (PPI) up 0.1% in July, below expected increase; annual rate slows to 2.3%; “core” PPI flat over month, up 2.4% over year; Citigroup: suggests muted inflationary pressures; US Treasury yields fall; rate-cut expectations harden; Westpac: consistent with benign July PCE reading; goods prices up 0.6%, services prices down 0.2%. Around the end of 2018, the annual inflation rate of the US producer price index (PPI)...

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