US PPI in September was higher than expected, market volatility intensified🤝
The U.S. PPI increased by 0.5% month-on-month in September, and the core PPI increased by 0.3%, both slightly higher than market expectations. The year-on-year growth also jumped to 2.7%, the highest level since April. The pressure mainly came from commodity prices (up 0.9%), energy prices (up 3.3%) and food prices (up 0.9%); both stock and fixed income markets fell immediately after the data was released, with the U.S. Treasury yield curve flattening 2.5 basis points and the SPX index falling 0.3% from its high.
