- The US Bureau of Labor Statistics reported that the Producer Price Index (PPI) for February increased by 1.6% YoY, which outperformed a consensus of 1.1% and is an improvement from the previous 1%.
- The core PPI showed an increase of 2.8% YoY, higher than the previous 2.6%.
- Retail Sales for February reported by the US Census Bureau, showed a monthly increase of 0.6% (MoM), below the 0.8% expected.
- The Initial Jobless Claims for the week that ended on March 9 was reported to be at 209K, lower than the predicted figure of 218K but higher than the previous 210K.
- Overall, the economic outlook in the US is mixed, with signs of sticky inflation and weak economic activity.
- Markets are currently predicting less than 15% and 60% for a Fed rate cut in May and June, respectively, which aligns closer to the Fed's outlook for three cuts this year.
- US Treasury yields soared with the 2-year yield at 4.70%, the 5-year yield at 4.29%, and the 10-year yield at 4.28%.
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