Investors shrugged off Fed minutes that tilted hawkish and a hotter-than-expected PPI report to give markets a fourth consecutive winning session.
Though there were differences in opinion whether the Fed should hike rates one more time, Fed officials who were in favor of a hike outnumbered those who weren't."of participants judged that one more increase in the target federal funds rate at a future meeting would likely be appropriate, whilejudged it likely that no further increases would be warranted," stated minutes of the Fed's September meeting, with my emphases added.
Unfortunately, September's PPI report came in surprisingly hot. It's true the PPI report focuses on producer prices, while the Fed tends to scrutinize the consumer side of the equation more. But the PPI, by charting inflation from the perspective of goods producers and service suppliers, serves as a leading indicator of where consumer prices will be in the future.
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