PPI dropped just a bit from last month, registering 10.8% YoY (unadjusted) for May versus 10.9% for April and 11.5% for March. The MoM tally was +0.8% for May versus 0.4% for April.
The very slight drop in the YoY data is unlikely to assuage the Fed’s fears about inflation being out of control. But, it’s enough to contribute to a slight bump in futures heading into the two-day FOMC meeting and OPEX.
continued for members…
VIX has retreated from the fan line we’ve had our eyes on, but not so much that it seems certain to hold. In fact, the SMA10 looks likely to top the SMA20 today – the same day that ES/SPX SMA10s drop back below their SMA20s. 
Currencies are quiet this morning, with the EURUSD and USDJPY both taking a pause.
GC and SI continue to slip lower.
And, BTC is edging closer to our 17,800 target.
CL and RB are both higher…
…which has helped elevate the 10Y to 3.36.