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.

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