{"id":253543,"date":"2026-08-13T12:48:05","date_gmt":"2026-08-13T16:48:05","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=253543"},"modified":"2026-08-14T04:21:59","modified_gmt":"2026-08-14T08:21:59","slug":"ppi-leads-to-a-not-so-dull-tape","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/ppi-leads-to-a-not-so-dull-tape\/","title":{"rendered":"PPI Leads to a Not-So-Dull Tape"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Investors need to be thankful for revisions. This morning\u2019s July PPI report proved to be the catalyst that yesterday\u2019s CPI was not. Stocks and bonds both reacted quite positively after the better-than-expected inflation figures.&nbsp; A quick glance at the headlines certainly showed another set of disinflationary statistics, but a detailed view of the statistics made them less exciting than they first appeared.&nbsp; That hasn\u2019t dampened the enthusiasm, though.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The PPI report certainly looked good.&nbsp; There was no month-over-month increase in the headline number; it was 0.0% when 0.2% was the economists\u2019 consensus.&nbsp; Ex Food and Energy rose by 0.2% in July, better than the 0.3% consensus.&nbsp; Lower-than-expected readings improve the market\u2019s perceptions about inflation, which is good news both on it own merits and for those who are \u201c<a href=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/were-playing-the-ref-today\/\">playing the referee<\/a>\u201d when they conclude that this will reduce the Fed\u2019s likelihood of raising rates.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yet a closer read of the data clouds the picture somewhat.&nbsp; The June headline change was revised higher, from an as-reported -0.3% to -0.1%, and the Core reading rose to 0.4% after the prior report showed a monthly rise of 0.2%.&nbsp; For those playing along at home, the upward revision in June headline PPI matched the outperformance of the July reading, while the 0.2% upward revision to June was greater than the 0.1% beat in the July reading.&nbsp; That\u2019s not exactly the improving inflation picture that was portrayed by many of the early reports.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nonetheless, bond traders can do arithmetic too, and if this doesn\u2019t bother them, then it\u2019s difficult to get too perturbed about the revisions.&nbsp; We\u2019re writing this before today\u2019s auction of 30-year bonds, and those rates \u2013 along with most of the rest of the yield curve \u2013 are about 5 basis points lower.&nbsp; They\u2019ve pulled back a bit from their best levels of the morning \u2013 they were about 8 bp lower shortly after the report \u2013 but still show optimism ahead of today\u2019s sale.&nbsp; The current yield on the when-issued securities is about 5.19%.&nbsp; That is below the recent highs on 30-year paper, but an auction at that yield would mark the highest yield since 2001.&nbsp; Yesterday\u2019s 10-year auction at 4.683% was the highest yield since 2007, by the way, but that didn\u2019t faze markets because most yields ended the day roughly unchanged.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Stocks were on an obvious upward trajectory throughout the morning.&nbsp; There was a modest leg higher after the 8:30 ET PPI report, but then stocks shot higher after the bell rang at 9:30. Tech is once again the focus, with the Nasdaq 100 (NDX, NQ) still up by more than 1% even after a slight pullback, though the S&amp;P 500 (SPX, ES) is further off its highs but still up about 0.5%.&nbsp; The old adage about \u201cdon\u2019t short a dull tape\u201d applies once more.&nbsp; The summer doldrums don\u2019t need much of an excuse to turn positive, and steady gains throughout much of the tech sector are proving sufficient.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Today, September Futures, ES (red\/green 1-minute bars), NQ (blue line)<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"898\" height=\"490\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-127.png\" alt=\"\" class=\"wp-image-253544 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-127.png 898w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-127-700x382.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-127-300x164.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-127-768x419.png 768w\" data-sizes=\"(max-width: 898px) 100vw, 898px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 898px; aspect-ratio: 898\/490;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Interactive Brokers<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investors need to be thankful for revisions. This morning\u2019s July PPI report proved to be the catalyst that yesterday\u2019s CPI was not. Stocks and bonds both reacted quite positively after the better-than-expected inflation figures.\u00a0 A quick glance at the headlines certainly showed another set of disinflationary statistics, but a detailed view of the statistics made them less exciting than they first appeared.\u00a0 That hasn\u2019t dampened the enthusiasm, though.\u00a0<\/p>\n","protected":false},"author":4,"featured_media":204859,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[14700,6,8,9,26,3],"tags":[446,570,600,4109,4232],"contributors-categories":[13576],"class_list":["post-253543","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ibkr-market-insights","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-federal-reserve","tag-inflation","tag-ppi","tag-stock-market","tag-treasury-yields","contributors-categories-interactive-brokers"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PPI Leads to a Not-So-Dull Tape | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"Investors need to be thankful for revisions. This morning\u2019s July PPI report proved to be the catalyst that yesterday\u2019s CPI was not. Stocks and bonds...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/253543\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PPI Leads to a Not-So-Dull Tape | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Investors need to be thankful for revisions. This morning\u2019s July PPI report proved to be the catalyst that yesterday\u2019s CPI was not. Stocks and bonds both reacted quite positively after the better-than-expected inflation figures.\u00a0 A quick glance at the headlines certainly showed another set of disinflationary statistics, but a detailed view of the statistics made them less exciting than they first appeared.\u00a0 That hasn\u2019t dampened the enthusiasm, though.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/ppi-leads-to-a-not-so-dull-tape\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-13T16:48:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-14T08:21:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/ppi-featured-img.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" 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He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. 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