It just dawned on the futures that there’s a rate rise on tap at a very suboptimal time.
PPI just came in at 0.4% — much hotter than the 0.1 – 0.2 expected. Yet retail sales and industrial production were much worse than expected. It’s another reminder that we’re likely heading down a path to stagflation.
And, we still have the EIA inventory report (yesterday’s API report was horrid) and a rate hike ahead of us.
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