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The Morning View: April 9, 2021

In this morning’s data, the Producer Price Index (PPI), which measures costs faced by industries that make products rather than those the consumer bears, increased 1.0% in March and has increased 4.2% on an annual basis, both above forecasts.  The core PPI, which excludes food and energy prices, increased 0.7% in March and is up 3.1% on an annual basis, also above estimates.  The year-over-year figures do reflect the comparison to very low levels seen a year ago at the start of the pandemic.  While some price increases in the PPI do not reach consumers as they are absorbed by other parts of the system, the figures do show the direction of inflation may be higher in the short run.  It remains to be seen if those increases remain transitory or persist, which will be closely watched by the Federal Reserve in the months ahead to determine if their current accommodative policy needs to be adjusted.   In all, bond yields are ticking higher this morning and equity futures are mixed as we head into the market open. 

This material is intended to be for informational purposes only and is intended for current or prospective clients of Argent Trust Company. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice, and does not take into account all the circumstances of each investor. Forward-looking assumptions are Argent Trust Company’s current estimates or expectations of future events or future results based on proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. Investments can go down as well as up. Past performance is not a reliable indicator of future results.