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The Producer Price Index released Friday revealed a higher-than-expected increase in June, surprising investors who had grown confident about interest rate cuts following the sharper-than-anticipated drop in the monthly Consumer Price Index inflation gauge released a day earlier.
On an annual basis compared to June 2023, the overall producer basket rose by 2.6%, reaching its highest point since March 2023.
Prior to the PPI report, traders had assigned a nearly 95% chance on a September rate cut, according to CME Group‘s FedWatch tool.
The hotter-than-expected reading may now temper these heightened expectations, though it is unlikely to derail them altogether given the Federal Reserve’s stronger emphasis on consumer price trends.
Futures on major U.S. equity averages traded flat in Friday’s premarket trading. Treasury yields inched slightly higher across the board and the dollar recouped early session losses against peers.
On Thursday, tech stocks sold off despite a lower-than-expected CPI report, with the Invesco QQQ Trust (NASDAQ:QQQ) tumbling 2.2%. Small caps rallied instead, with the iShares Russell 2000 ETF (NYSE:IWM) roaring 3.6%, achieving the highest level since January 2022.
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