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Sometimes, flat can be problematic. The Producer Price Index, measuring inflation at the wholesale level, was released today.  The PPI shows 0% price growth–totally flat–and when stripping out food and energy nets a -0.2% loss.  The anticipated showing was a gain of 0.3%. This month’s loss brings the year-over-year reading to an anemic 0.8% advance.  Overall, pretty flat.

The National Association of Home Builders’ Housing Market index remains unchanged this month at a 63–also flat.  Stocks and Bonds are pretty close to unchanged so far today. Sometimes flat and unchanged isn’t a big deal, and sometimes flat can be a problem.  The question is, who is getting out of the car to see how bad the flat is?

Yesterday I mentioned that rates are trying to stage a tiny comeback, and that can’t happen with a flat.