PPI Tops Consensus Again

For those looking for inflation to top out, today’s PPI report of 0.4% versus 0.2% consensus was a disappointment.

After ramping sharply overnight, futures are now trying to hold on to meager gains.Meanwhile, the yen has plunged to levels not seen since 1998. If USDJPY tops 147.65, the previous high was back in 1990. The BoJ’s commitment to the yen carry trade is astounding. Talk about “all in…”Don’t wander too far from your computer. Fed minutes are due out at 2pm ET today and CPI comes out tomorrow morning.