Daily Note | May 14, 2024 | Saba On CNBC

Markets are slightly lower after the Producer Price Index ("PPI"), a measure of wholesale inflation, came in much hotter than expected at +0.5%. On the trailing year, PPI was +2.2% on headline and +2.4% on Core. The report has little direct implications for tomorrow's CPI report but does point to some firmness in the April Core PCE later this month.

This…