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Today in the UK, parliament is being suspended – or prorogued – again, ahead of a Queen’s Speech next Monday. Unlike last time, this prorogation is not controversial and won’t be challenged.
In the US, meanwhile, we get the latest on producer price inflation. This is sometimes known as “pipeline inflation” because it looks at costs for producers rather than consumers.
If prices are persistently rising for the producers of goods, then you would expect them to pass at least some of those price increases on to retailers and then to consumers. Core producer price inflation is currently running at above 2%.
That said, with oil prices behaving themselves, the Federal Reserve may be able to take a relaxed view towards inflation for now.
Markets will also be closely watching Fed boss Jerome Powell for hints as to the Fed’s next move when he makes a speech to US economists and academics in Denver later today.