US PPI Flat, Fed Rate Hike Odds Plunge Amid Eased Inflation Concerns
The US producer price index (PPI) for July was flat, missing market forecasts of a 0.2% increase.
This reading, combined with yesterday's consumer price index (CPI) print, has eased concerns about a Federal Reserve interest-rate hike in September.
The probability of a Fed rate hike in September is down to 34.8%, according to data from the CME FedWatch tool, from 55% a week earlier.