Wholesale inflation (PPI) rose 0.5% in April, higher than expected.

Fed Chairman Powell said today: "I don't see (the PPI) as hot, I call the result mixed...

We don't expect this to be a smooth road. But these inflation numbers were higher than I think anyone expected... That told us that we needed to be patient and let the restrictions work.”

The Fed still tends not to raise interest rates further despite rising inflation.