US producer prices rose 0.3% in October, below the expected 0.4% and down from a revised 1.4% in September. Their annual increase reached 6.5%, the highest level since November 2022, while prices excluding food and energy rose 0.3% month on month and 5% year on year. After the release, Treasury yields declined, with the two-year yield falling from about 4.88% to 4.84%. Markets still favor a 25-basis-point Fed rate hike in December, with an approximately 15% probability of a 50-basis-point increase. Bitcoin nevertheless traded around $69,500, below the $70,000 mark.
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