🇺🇸U.S. July PPI Posts First Negative Print Since April 2020

• U.S. July producer prices surprised to the downside, PPI M/m came at -0.5% vs. the consensus of 0.2%. The Y/y headline softened to 9.8% from 11.3%

• Yesterday, the docket saw July consumer prices, the M/m print was mildly negative and showed the first deceleration in prices since May 2020