Did you really think that the mighty U.S. stock market was going to be stopped in its tracks by a measly PPI print, even if it was a blowout? The yield on the U.S. 10-year Treasury bond was down 2 basis points at 4.2732%. One consequence of the hot PPI print is that the market has given up on hopes of a jumbo 50 basis point rate cut from the Federal Reserve, according to the CME Group’s FedWatch tool.
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