PPI core and overall Month/Month were +0.2% for May
PPI core Year/Year was +2.1%
PPI overall Year/Year was +7.0% – a reminder of how large the swings in food and energy have been.
Retail Sales (overall) Month/Month was -0.2%
Retail Sales (less autos) Month/Month was +0.3%
Today’s data is market neutral. The weak Retail Sales number reveals that some sectors are doing poorly. Changes in equity and Treasury prices today will be technically driven. Equities were short-term oversold and Treasuries were short-term overbought.