Tendances du marché

US August PPI rose 5.4% YoY above expectations; CPI rose 0.4% MoM with core CPI up 0.3% MoM, even as the annual core rate eased to 2.4%. CME rate futures now price a Sept 25bps hike at nearly 90%. Goldman Sachs shifted from no-hike to a Sept hike; TD Securities flagged a possible new tightening cycle. Risk assets held up: US equities and BTC showed resilience post-data. Market debate has moved from 'will they hike' to 'will they keep going'. FOMC drops Sept 16.