Higher PPI

Wow,
PPI +0.2
Core PPI +0.4

Both higher than expected.
Jackson Hole doesn’t look like its going to be a rerun of 2010 any more.

The ES is “like ………..yeah, whatever” (that is, no reaction to the release (at least not so far). Which is interesting).

After yesterday’s action, looking for lower today. That’s the bias I’ll be taking into the cash hours.

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