The US Producer Price Index surged 1.3 % in September and 6.3 % year-over-year, far exceeding economist forecasts of 0.5 % and 5.3 %. Final demand goods rose 2.6 % in a single month, a historic record since the index was created in 2009, with energy accounting for over 80 % of the move. Crude oil climbed 28.3 % month-over-month and wholesale gasoline 20.3 %, while core PPI excluding food, energy and trade margins increased 5 % annually. The probability of a Fed rate hike on October 28 rose from 22 % to over 37 % following these releases, with the dollar rebounding to 102.2 on the DXY index.
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