美国6月PPI意外降温！更大危机正在逼近？

Group 1 - The Producer Price Index (PPI) remained flat in June, with a revised increase of 0.3% in May, indicating the mildest annual increase since September last year at 2.3% year-on-year [1] - Core PPI, excluding food, energy, and trade services, also remained flat, with a year-on-year increase of 2.5%, marking the smallest increase since the end of 2023 [1] - Service costs played a crucial role in suppressing inflation, with a month-on-month decrease of 0.1%, largely driven by a 4.1% drop in travel accommodation prices and a 2.7% decline in air passenger service prices, the largest drop since May of last year [1] Group 2 - The report is significant for the Federal Reserve as some components of the PPI are directly used to calculate the Personal Consumption Expenditures (PCE) price index, which is a key inflation indicator for the Fed [2] - Current market expectations suggest that the Federal Reserve will maintain interest rates in the July meeting to observe the actual impact of trade policies [2] - There are signs of tariff-related inflation in the PPI, with durable goods costs rising significantly for two consecutive months, marking the largest cumulative increase in three years [2]