Dovish comments from the Fed yesterday have helped bring bond yields down overnight. The minutes from their last meeting will be released later today, but those will be taken as yesterday’s news given the more recent public speeches hinting at a coming softening of monetary policy.
The Producer Price Index was released this morning showing a month-over-month gain of 0.5%, sandwiched between last month’s 0.7% increase and the expected 0.3% bump. The Core PPI, which strips out food and energy rose 0.3%, just above the anticipated repeat of last month’s 0.2% rise. Though oil has spiked, the price of gas at the pump has fallen 5% from 30 days ago, a sizeable factor in the declining headline inflation number.
Some inflation-fighting good news here locally, CBS just reported that Utah’s median household income rose this year by 3.8% to $89,168. Utah is one of only five states to see incomes rise; 29 stayed the same and 17 states saw a reduction in measurable earnings. 
