Wholesale inflation jumps 6% in April on annual basis, biggest increase since 2022

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[00:00:00]Rick Santelli standing by [music] at the CME. The numbers, Rick?

[00:00:04]Yeah, and the numbers are coming in on the warm side. Our April Producer Price Index for the month of April, headline number almost triple expectations, up a whopping 1.4%.

[00:00:17]Wow, you have to go back to March of '22 to find a bigger number, and that number was 1.7. Now, if we strip out the all-important food and energy, we're also at a triple header here. We're expecting up 3/10, we end up with up 1%.

[00:00:32]Up 1% would be the warmest since Wow, also March of '22. Now, if we go to the ex-food, energy, and trade, it's double expectations. We're looking for up 3/10, it comes out up 6/10. That equals October of last year to find a higher number, you're in July of last year.

[00:00:53]Now, last look, the month-over-month numbers were much more well-behaved. It was year-over-year numbers that were hot, and boy, you were talking about Cal C and year-over-year, these are hot.

[00:01:03]We're expecting 4.8, 4.9, depending who you talk to on year-over-year final demand, 6% up 6% hottest since Dec of 2022.

[00:01:15]And if you look at ex-food and energy year-over-year, expecting 4.3, comes out 5.2%.

[00:01:23]That would be the hottest since Dec of '22. And finally, year-over-year ex-food, ex-energy, ex-trade, 4.1 expected, 4.4 delivered. 4.4 would be the warmest since February of '23. So, everything is coming in warm on the Producer Price Index, and we talked about on the CPI how if you looked at the year-over-year core, or just the year-over-year number up 3.8% in CPI, that was compared to the up 3.6% year-over-year hourly earnings from the last jobs report we had last week. You could do the same math here and see that, as you've talked about, Joe, wages now are taking a backseat to some of the inflationary pressures that seem to be coming into the system. We see that we added almost another 100 negative points to Dow futures. We're amount around minus 180. We're now minus 270-ish.

[00:02:23]And on the yield side, as expected, two-year just topped two per- or 4% and the 10-year getting ever closer to 4 and 1/2% and realize this is in addition to we closed at the highest yield in a two-year yesterday since the 10th of June last year and in the 10-year sector since mid-July of last year. So, we're just getting warmer and warmer.

[00:02:48]We know that the UK and EU are seeing these pressures as well for additional reasons, but part of the common thread, of course, energy prices. Joe and the gang, back to you.