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ECON: Producer Prices Lower Than Expected, Core PPI On Target
Posted to: Micro News
Tuesday, January 15, 2013 9:00 AM

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- PPI -0.2 pct vs -0.1 pct consensus
- Labor dept. says most of decline due to food prices
- excluding food/energy, "core PPI" +0.1 vs +0.1 consenus
- 2012 Core PPI +2.0 vs +2.1 Consensus
- Inflation is not currently an issue for markets and the Price Index reports have not been market movers for quite some time. This could change when inflation starts picking up, but until then, PPI and CPI are overlooked in favor of other economic metrics.

The Producer Price Index for finished goods declined 0.2 percent in December, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Prices for finished goods fell 0.8 percent in November and 0.2 percent in October. At the earlier stages of processing, prices received by manufacturers of intermediate goods moved up 0.3 percent, and the crude goods index increased 2.5 percent. On an unadjusted basis, the finished goods index rose 1.3 percent in 2012, compared with a 4.7-percent advance in 2011.

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Mortgage Rates:
  • 30 Yr FRM 3.68%
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  • 15 Yr FRM 2.96%
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  • Jumbo 30 Year Fixed 3.62%
MBS Prices:
  • 30YR FNMA 4.5 108-28 (0-02)
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  • 30YR FNMA 5.0 110-21 (0-00)
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  • 30YR FNMA 5.5 111-28 (0-03)
Recent Housing Data:
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%