The U.S. Producer Price Index (PPI) for November is out, showing a strong performance. It rose by 3.0% year-on-year, exceeding the previous expectation of 2.6%. The October data has also been revised, adjusted from 2.4% to 2.6%. The core PPI, which excludes food and energy, increased by 3.4% year-on-year, surpassing the analysts' forecast of 3.2%, with the October data revised from 3.1% to 3.4%. The PPI for the service sector, excluding trade, transportation, and warehousing, remains at a high level of 4.6% year-on-year, indicating persistent underlying inflation. Some analysts have reservations about this data due to a 56% rise in egg prices, but the core PPI has accelerated to its highest level since February 2023, suggesting that inflationary pressures are quite widespread. Although the inflation data appears hot, the market has fully priced in a 25 basis point rate cut by the Federal Reserve next week. Many analysts predict that the Fed will adopt relatively aggressive rate cuts and then pause rate hikes in January.

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