From Startup Fortune · · 1m
US Producer Prices Up 6.5% Year-Over-Year
US producer prices rose 6.5% annually, the highest since November 2022, boosting Fed rate hike odds to 89.7% for December.
In brief
US producer prices rose 6.5% annually, the highest since November 2022, boosting Fed rate hike odds to 89.7% for December. US producer prices increased 6.5% year-over-year, the largest jump since November 2022, driving December Fed rate hike odds to 89.7%. Originally reported by Startup Fortune.
Wholesale Inflation Report
The Bureau of Labor Statistics reported US producer prices rose 0.3% in October on a seasonally adjusted basis.
Annual Price Jump
Prices climbed 6.5% year-over-year, the biggest annual increase since November 2022.
Economists' Forecast
Economists expected a 0.4% monthly rise, but the report was a notch cooler than forecast.
Goods Drive Inflation
Goods other than food and energy contributed over 60% of the monthly price increase.
Steel and Chemicals
Steel mill products rose 2.7% and industrial chemicals climbed 3.1% in October.
Market Reaction
Futures traders increased odds of a December Fed rate hike to 89.7% after the report.
Nvidia Leadership Shift
Nvidia's CEO resigned, with interim CEO Colette Kress named effective immediately.
In short
US producer prices increased 6.5% year-over-year, the largest jump since November 2022, driving December Fed rate hike odds to 89.7%.
