All eyes were on the PPI print this morning, as it offered one last inflation data point for the Fed to use when determining whether it should hike rates by 50bps or 75bps. (See our FOMC Preview here). However, the results of the print didn’t provide the markets with any new clues to help decide which it will be. US May PPI was 10.8% YoY, a tick under expectations and unchanged from April’s print. In addition, the Core PPI for May came in lower than consensus at 8.3% YoY vs 8.6% YoY expected and 8.8% YoY in April. The Core measure, which excludes food and energy, shows that although the 10.8% headline print is high, ... (full story)