The August PPI (Wed 10 Sep, 13:30 UK / 08:30 ET) is a key pipeline read into core PCE via core‐goods and business services costs. After July’s outsized +0.9% jump, driven largely by services margins – consensus looks for cooler prints (headline +0.3% m/m, core +0.3% to 0.4%, core y/y 3.5 to3.6%). The market will focus on three things: (1) whether trade services and fee categories mean-revert, (2) the core-core gauge (ex food, energy, and trade) as the cleanest signal for policy, and (3) any revisions to July’s spike. A benign outcome should keep front-end yields contained and the USD slightly softer, while a ... (full story)