U.S. PPI for April 2024 rises 0.5% from the previous month. March 2023 to March 2024 is now (year-on-year) at 2.1% increase, with overall demand rising to 2.7%. Inflation is stuck. It is not falling.

For the nth time, under Jerome Powell, the Federal Reserve credibility, particularly his dismissive concern that there is no embedded or sticky inflation within the American economy, is going out the window.  More concerned about producing liquidity derived from rallying stock market indices and company buybacks (does it create jobs?), while issuing mountains of debt which can appear to offset inflation, by reducing cash floating around, is more myth based than not.  Stock markets are now at all time highs, as the Fed chairman reiterates that he doesn't believe that inflation has become "sticky", any a rate rise is not on the cards.  Yet the Producer Price Index (PPI) says otherwise, please refer to the above chart with the 10 YR yield overlaid for April 2024.  Both showing that rates should be going up, now down.  So, as you can see, Powell is treading on that fine line of between luck, and his ad hoc timing, without factoring in the tightening of production costs, which are rising, and a labor market that is feeding off its bloated service sector i,e. government spending, rising paychecks.    Which equals = inflation.

From the U.S. Bureau of Labor Statistics re: April PPI "...Final demand goods: Prices for final demand goods rose 0.4 percent in April after decreasing 0.2 percent in March. Most of the advance is attributable to the index for final demand energy, which moved up 2.0 percent. Prices for final demand goods less foods and energy increased 0.3 percent. In contrast, the index for final demand foods declined 0.7 percent. Product detail: Nearly three-quarters of the April advance in the index for final demand goods can be traced to a 5.4-percent increase in gasoline prices. The indexes for diesel fuel; chicken eggs; electric power; nonferrous metals; and canned, cooked, smoked, or prepared poultry also rose..." 

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Unless the Consumer Price Index says otherwise.