- The release of the Producer Price Index (PPI) for final demand in the US showed a YoY rise of 2.2% in July, less than the market expectation of 2.3%.
- The annually adjusted core PPI also rose by 2.4%, missing analysts' estimated increase of 2.7%.
- On a monthly scale, the PPI saw a 0.1% rise, while the core PPI remained unmoved.
- As for now, A 50-basis-point cut is possible but will entirely depend on the data, with current odds at around 55%. The market is still fully expecting 100 basis points of easing by the end of the year and a total of 175-200 basis points of trimming over the next 12 months.
- This rate path seems improbable unless the US economy enters a severe recession.
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