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USA still faces galloping inflation and labor market problems

Today's US PPI data release showcases rising inflation in the United States, which has not yet reached its peak.

According to today's data, the producer price index jumped by 11.00% year-over-year, well above the forecasted 8.9% increase and upwardly revised 9.6% in March. Month-on-month, producer prices have increased by 0.5%, matching expectations. However, March's data was revised upwards to 1.6%.

PPI futures did not react to the data release, reflecting the US market's focus on consumer price inflation.

According to today's labor market data, 203,000 initial jobless claims were registered, exceeding the consensus forecast of 195,000. However, the report released the week before last was revised downwards to 202,000.

Today's data releases show the US economy is likely to face serious issues for a long period of time. This would likely force the Fed to hike interest rates by at least 0.50% in June, giving support to USD and putting pressure on equities and commodities.

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