US Futures Pare Gains After Hotter Producer Price Report #Futures #ProducerPrice #FOMC

US Futures pare gains after hotter producer price report.  Producer prices rose 0.3% m/m and 3.1% y/y, both higher than estimates.  Producer prices excluding food and energy rose 0.3% m/m and 2.4% y/y, also both higher than estimates.  Later this morning the market will get the latest read on crude and gasoline inventories.  At 2:00pm, the much anticipated FOMC policy announcement will be released with the market expecting a 0.25% raise in the range to a new range of 1.75-2.00%.  The announcement will be followed by a 2:30pm press conference by Fed Chairman Jerome Powell.  European shares are mostly higher despite a weaker than expected euro-area industrial production numbers from April.  Asian shares closed mostly lower with financials and material stocks lagging, while utilities outperformed.

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