U.S. Stock Futures Are Higher Ahead of the Fed's Two-Day Meeting
U.S. stock futures are higher: PPI for May was +10.8% below consensus of 10.9% and the ex-food and energy was 8.3% compared to 8.6% estimate. The monthly increases were in-line at 0.8% and ex food and energy at 0.5%. Equity futures edged further into positive territory post report and treasury yields are edging lower after a shift increase across the curve yesterday. Rising treasury rates are reflecting an aggressive central bank action to quell inflationary pressures, as the Fed starts its two-day meeting today with an announcement tomorrow at 2. Asian markets closed lower and European markets are down but starting to stabilize.