Thursday 11th September 2025

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US bond yields pushed lower after the latest producer price index was weaker than expected. The core figure, year on year, has gone from 3.4% in July to 2.8% in August. But NAB’s Rodrigo Catril says a chunk of the fall has been margin squeeze to compensate for import tariffs. Obviously, we only have to wait for today for a measure of consumer CPI. China’s CPI was mixed, with a fall in the headline rate, but a 0.9% year on year lift in the core rate. Another move overnight was the Aussie dollar – in a session of limited currency moves the Aussie rose well beyond 66 US cents. Phil asks why.

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