One of these days we might just get a positive economic print, of the kind that the meandering Tepper was saying is visible everywhere now. Just not yet. Moments ago we got the releases of the May PPI and the Empire Fed, the first of which dropped -0.7%, on expectations of a -0.6% drop, the lowest MoM PPI since July 2009. driven by food and energy producer prices as economic slack continues to persist, while PPI ex food and energy dropped from a +0.2% increase in April to just 0.1%, in line with expectations. Technically, this is bullish for the E-Trade baby as it gives the Fed carte blanche to continue QEternity as long as needed.
