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US PPI Shows Further Strength

DATA REACT
  • PPI final demand inflation was stronger than expected in Nov, with headline up +0.8% M/M (cons 0.5%) and core +0.7% M/M (cons 0.4%).
  • This pushed Y/Y rates up to 9.6% and 7.7% respectively. That's the highest since Nov'10 for headline and a new series high for the core series first calculated in Aug'14.
  • The re-acceleration in sequential core PPI inflation appears relatively broad-based, with the main three categories of core goods (0.8% M/M), transportation & warehousing (1.9% M/M) and other services (0.6% M/M) all accelerating on the month.
  • Whilst further evidence of underlying inflationary pressures, it does little to change market expectations for the Fed tomorrow.
  • EDZ2 is near enough unchanged on the release whilst TYH2 futures have pared the initial rally and are unchanged at 130-24, remaining within today's narrow range on low volumes.
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