Toby Greenberg

[Toby Greenberg @TobyGreen35]

RT @CuriousMacroX: Silver has tested $70 five times but the sixth attempt was different
But does that actually mean anything? 👇

The first…

[Curious | Macro Lens @CuriousMacroX]

PPI looked cool at first glance
Underneath the headline, it wasn’t quite that simple 👇

After yesterday’s calm CPI report
today gave the market another encouraging inflation headline

US producer prices were unchanged in July
Markets had expected a 0.2% increase

So at first glance
this looked like exactly the kind of follow-up the Fed would have wanted

Consumer inflation stayed relatively calm yesterday
And now producer inflation appeared to do the same

But the details make that story less straightforward

🔹 A lot of the softness came from goods

Final demand goods fell 0.7%
Energy prices dropped 3.1%
Food prices moved lower too

That was enough to keep the overall PPI number flat
So the headline was soft

But a large part of that softness came from categories that can move sharply from one month to the next

🔹 Services told a different story

Final demand services still rose 0.2%

And once food, energy and trade services are stripped out
underlying producer inflation rose 0.4%

That was up from just 0.1% in June

So underneath the headline
price pressure actually became a little firmer

That is the part worth paying attention to

Because if lower energy prices are helping at the top
while service costs and underlying producer prices continue to rise
the inflation picture is improving
just not evenly

🔹 That leaves the Fed with a better picture
but not a clean one

This week started with an important question

Is inflation cooling enough to give the Fed more room if the economy continues to weaken?

CPI moved the answer a little closer to yes
The headline PPI number does too

But today’s report also shows why the Fed cannot simply look at the 0.0% headline and declare victory

There is still price pressure further underneath the economy
It is just being offset for now by weakness elsewhere

And gold and silver are treating that mixed message in much the same way

Gold is still hovering around the $4,400 zone

Silver is still holding around $65
with $67 remaining the next major area above

So far
neither metal is showing much urgency after the release

Which actually fits the report quite well

The headline was softer
the details were firmer

And for now
the metals are doing much the same thing

Holding their ground
without giving us a decisive reaction either way

[Toby Greenberg @TobyGreen35]

@WarnieDT Hey legend, big time follower, first time commenter on Twitter. Would love an urgent review into my team and get it changed if possible. 🙏I had manna looped all week with Dowling on field and for some reason my team switched it… the app stuffed up. :(( need a win to make finals

[Toby Greenberg @TobyGreen35]

@brandongdongy Good to see ya! 😂

[Toby Greenberg @TobyGreen35]

@mindelFC Big yes! How’s the mind, body and soul during this time of the day? 4th quarter Rn...

[Toby Greenberg @TobyGreen35]

@mindelFC Spot on mate!

[Toby Greenberg @TobyGreen35]

@GeoffMiller348 Good work Geoff! Good to support companies that are using their platform to promote social change in the form of equality!

[Toby Greenberg @TobyGreen35]

@mindelFC Can’t believe you’ve put when to say when in 9th position. A lot of bangas, but 9th... come on cuz!

[Toby Greenberg @TobyGreen35]

@harrisonhymans Collingwood 7th?... Syd 10th?... Carlton 16th? C’mon Bolt

[Toby Greenberg @TobyGreen35]

@GlasserBrandon Disagree, it’s very nice and relieving to stand up after a long flight to stretch the legs, get the blood pumping etc.

[Toby Greenberg @TobyGreen35]

@harrisonhymans Best suggestion(s) to overcome their large scale issues?

[Toby Greenberg @TobyGreen35]

@BradMiller0 @LeTour Absolute blessing of a match 🎾

[Toby Greenberg @TobyGreen35]

@AFLFantasy @WarnieDT Is it more important to upgrade Roughead/WHE to a premium Mid or upgrade Tuohy to Blakely?