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Meme rally roars as stocks remain silent in inflation countdown

Wholesale prices rose more than expected in April, according to new data released Tuesday. However, when analyzing revisions to the March producer price index, Federal Reserve Chairman Jerome Powell said the release was “mixed.”

“We had a producer price index just a few hours ago, and I would say it’s actually quite mixed,” Powell said during a panel in Amsterdam. “You know, the headline numbers were higher, but those were backward revisions.”

He added: “I wouldn’t say it’s hot, I’d say it’s more mixed.”

Wholesale prices rose 0.5% month over month in April, above the 0.3% consensus expected, according to the latest release of the Producer Price Index, which measures the prices that producers receive for the goods produced.

The “core” PPI, which excludes the volatile food and energy categories, also rose 0.5%, above estimates of a 0.2% increase. Additionally, in the release, March’s monthly price increase was revised downward to a decline of 0.1%, compared to an initial reading of a 0.2% increase.

Speaking generally on inflation, Powell said Tuesday that his confidence that inflation would continue to slow was not as high as it was at the start of the year and that the central bank will have to be patient before lowering interest rates.

“We didn’t expect it to be a smooth road, but these (inflation numbers) were higher than anyone expected,” Powell said. “What this told us is that we will have to be patient and let a restrictive policy work. It’s work.”

News Source : finance.yahoo.com
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