Daily Wrap – Hot PPI Complicates Things For the Fed

Index futures saw broad-based to selling following the pre-market July PPI report (up 0.9% month-over-month; consensus 0.2%), (2m) – Most averages recovered losses quickly, with the exception of Small Cap Russell 2000 that soared yesterday on the CPI report. PPI was no joke. It wasn’t just a little hot, or had some components outside of…