PPI High

41
Thu, Aug 12, 2021 - 10:57am

Unlike yesterday's CPI, which only came in "at expectations", today's PPI blew through those "expectations" and printed at an annualized level of 12.6%! The response in the Comex metals? About what we expected from yesterday's CPI. Higher inflation = more likely taper = selloff in bonds = rising POSX = selloff in PMs.

And as ridiculous as that is, that's exactly what's happening. Though inflation at the producer/wholesale level in July jumped a full 1.0%...which is 12.6% annualized...and these costs will inevitably be forced along to the consumer, perpetuating retail inflation...

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