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PORTFOLIO MANAGER COMMENTARY

Wholesale prices rose more than expected in November as food prices surged, dampening hopes that inflation could be headed lower, the Labor Department reported Friday. Stocks fell following the report after previously indicating a positive open on Wall Street. Treasury yields moved higher.

Markets now will turn their attention to the more closely watched consumer price index, which is due out Tuesday morning. A day later, the Federal Reserve will conclude a two-day meeting with an announcement on where interest rates are heading.

CHART OF THE DAY

The producer-price index, which generally reflects supply conditions in the economy, rose 7.4% in November from a year earlier, the Labor Department said Friday. That was down from October’s revised 8.1% increase and well below the 11.7% rise in March, the fastest pace since PPI records began in 2010. On a monthly basis, the PPI increased 0.3% in November which is slightly higher than economists’ prediction of a 0.2% increase.

WHAT ELSE IS HAPPENING

• SBF will testify to House about FTX collapse - read here
• Inflation slowed in China as Covid lockdowns spread - read here