PPI Beats Expectations

Continuing the string of data arguing against a rate cut, PPI and Core PPI both came in hotter than expected. Core increased 2.3% from August 2018.Futures, which are in levitation mode after a sharp intraday recovery yesterday, barely noticed. Virtually nothing has changed from yesterday’s forecast. Though, we have an important EIA report coming out at 10:30am which should help determine whether oil can continue its improbable bounce following John Bolton’s resignation.