The US PPI rose 0.5% month-on-month in April, exceeding market expectations by 0.3%. Analysts said the reason for the unexpected increase was that the March data was revised down, with a year-on-year growth rate of 2.2%, in line with market expectations. Traders reduced their bets on the Fed's September rate cut, and Powell called the PPI data "mixed".

Fed Chairman Powell reiterated that interest rates may remain high for a longer period of time, and did not think that the next move might be a rate hike, and it was more likely to keep the policy rate at the current level. Confidence in the decline in inflation is lower than before. The US economy is performing very well and the labor market is strong. Cleveland Fed President Mester said it was appropriate for the Fed to keep interest rates unchanged and was not in a hurry to consider raising interest rates.

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