Markets Wait to Exhale
With market participants on hold ahead of several key US inflation prints, the dollar is essentially unchanged, Treasury yields are flat, and North American equity indices are moving sideways ahead of the open. Softness in this morning’s producer price data could touch off a relief rally, but the release shouldn’t be as market-moving as others in recent memory. Somewhat unusually, today’s measure of input costs is scheduled before the broader consumer price index is published, making it difficult to estimate the impact on the Federal Reserve’s preferred measure of inflation – the core personal consumption expenditures index – due for...