Yet More Churches Torched; Sustained Attack On Christianity Gathers Pace

Core Producer Prices Cooler Than Expected In April, Goods Costs Jump Most On Record After yesterday's mixed bag from consumer prices (headline in-line but core cooler than expected and goods deflating), US Producer Prices were expected to keep accelerating higher (on a YoY basis) in May and they did... by more than expected. Headline PPI rose 1.1% MoM in May (much hotter than the 0.7% MoM exp) but April's 1.4% MoM rise was revised down to +1.1% MoM. This left producer prices up 6.5% YoY (vs 6.4% exp and up from...

A central banker has two lives: the first is spent studying neoclassical money supply mechanics; the second begins when they realize the real world doesn’t work that way.

FOMC Minutes Preview: Scrutiny For Hawkish Bias Today's FOMC minutes will be scrutinized for further insight into policymakers' appetite for additional rate hikes and the thinking behind the Committee's hawkish shift at last month's meeting. The minutes are an account of the June 17th meeting and therefore will not reflect subsequent developments, including the softer-than-expected June nonfarm payrolls report or Chair Warsh's appearance at the ECB's Sintra Forum. Nonetheless, as Newsquawk writes in its FOMC Minutes preview, the June meeting, Warsh's first as Fed Chair, marked a significant shift under...