The Producer Price Index (FD) advanced +0.5% in March (consensus +0.1%) following a decline of -0.1% in February and a rise of +0.2% in January. The +0.5% March advance can largely be attributed to final demand for services, which jumped +0.7%. PPI for final demand goods came in unchanged. For intermediate demand, the index for processed goods fell -0.2%, prices for unprocessed goods edged down -0.1%, and the index for services rose +0.4%. The Reuters/University of Michigan's consumer sentiment index has been strong for the last two March weeks, and consensus is for a small rise to 81 vs. 80 prior. Treasuries are slipping off their best levels of the morning following the better than expected PPI data. The curve has bull flattened with 2s10s down -2.3 bps.
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