US April PPI +2.4% vs +2.5% expected

- Prior was +2.7%
- PPI -0.5% m/m vs +0.2% expected
- Ex food and energy +3.1% y/y vs +3.1% expected
- Ex food and energy -0.4% m/m vs +0.3% expected
- Ex food, energy and trade +2.9% vs +3.4% prior
- Ex food, energy and trade -0.1% vs +0.1% prior
Before today's data slate, the market was pricing in 74 bps in Fed easing in the year ahead.