Today’s market buzz

US August PPI came in at 5.4% year over year, above expectations, as energy and commodity prices continue pushing up producer inflation. Core PPI was 0.2% month over month, slightly below forecast. Treasury yields and the dollar strengthened, with September hike pricing moving higher. The ECB also hiked 25bps and raised its 2027 to 2028 inflation forecasts, noting the Middle East as a significant upside risk. August CPI prints tonight, the last major input before the Sept 16 Fed decision.