This morning's Producer Price Index report indicates that producer prices fell by 0.1 percent in August, below market expectations. Here's the reaction from CNN:
Over the last 12 months, producer prices are up 3.4 percent, a sharp slowdown from the gains seen in the past few months, suggesting the impact of this year's run-up in oil prices is fading.
Energy prices, which had shot up 2.3 percent in July, inched ahead just 0.2 percent last month as a 5 percent plunge in gasoline prices partially offset rising costs for many other energy products.
Think that will turn the heads of your friendly neighborhood central bankers? CNN doesn't:
Nevertheless, Fed officials are widely expected to raise interest rates a quarter-percentage point when they meet Sept. 21, taking the benchmark federal funds rate up to 1.75 percent.
There you have it.