Chuck headed on a multi stop cross-country trek to get out to San Francisco today, so he left the Pfennig to me. I think he said he had to fly through Dallas to get over to San Francisco; just one of the joys of no longer being a ‘hub' airport.
There was a plethora of data releases here in the US yesterday, but the numbers offset each other keeping the markets fairly stable. Surprisingly strong industrial production data was offset by weak housing starts. Other data showed that wholesale costs in the US increased in July for the first time in four months, throwing cold water on those warning of deflation. Commodity prices were the main driver of the increases of 4.2% versus last year. The core price index (ex food and energy) was still up 1.5%, slightly higher than economists' projections. The data will quiet those who are warning about falling prices and will likely keep the boys and girls over at the FOMC on a “steady as she goes� course.
Mixed US Data Keeps the Dollar in a Tight Range
Chuck headed on a multi stop cross-country trek to get out to San Francisco today, so he left the Pfennig to me. I think he said he had to fly through Dallas to get over to San Francisco; just one of the joys of no longer being a ‘hub' airport.
There was a plethora of data releases here in the US yesterday, but the numbers offset each other keeping the markets fairly stable. Surprisingly strong industrial production data was offset by weak housing starts. Other data showed that wholesale costs in the US increased in July for the first time in four months, throwing cold water on those warning of deflation. Commodity prices were the main driver of the increases of 4.2% versus last year. The core price index (ex food and energy) was still up 1.5%, slightly higher than economists' projections. The data will quiet those who are warning about falling prices and will likely keep the boys and girls over at the FOMC on a “steady as she goes� course.
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