According to data released by the US Department of Labor, the US Producer Price Index rose 0.5% month on month in April, significantly higher than market expectations of 0.3%. However, the index's March data was adjusted from a 0.2% month on month increase to a 0.1% month on month decrease. The US Producer Price Index rose 2.2% year-on-year in April, in line with market expectations, while the year-on-year increase in March was revised from 2.1% to 1.8%. Federal Reserve Chairman Powell stated earlier that he expects inflation to continue to decline in 2024, but his confidence in this is not as high as before. Tim Snyder, Chief Economist of Matador Economics, a US consulting firm, said that inflation has not yet been brought under control, which has somewhat dampened demand. Fed Chairman Powell's speech was somewhat "salt on the wound.".