Overnight Gains Erased by PPI/Oil. Fed on Deck

The Producer Price Index (PPI) was this morning’s only big ticket econ data and calling it „big ticket“ is a bit of a stretch. PPI often passes without a trace, but can occasionally get an obvious response even if it’s not a huge response. Today’s installment is bigger than normal. If there’s a reason, it would be that the PPI components that flow through to PCE (a more important inflation metric) are all elevated (s…