A.M. Update – PPI Hotter Than Expected

S&P futures are down -0.1% this morning. Like CPI on Tuesday, instead of slowing as expected, PPI re-accelerated with headline rising 0.3% month-over-month in January (+0.1%consensus), which left PPI up 0.9% YoY (down from December but hotter than the +0.6% expected). Core-PPI, which excludes food and energy,  was worse, jumping 0.5% (consensus 0.1%) following a…