Excluding food, energy, and imports, May PPI printed at -0.1% month-on-month. Including trade but excluding food and energy, PPI was up 0.3% month-on-month, vs. a consensus estimate of 0.1%.

The discrepancy apparently stems from import prices. The falling dollar evidently has a significant impact on headline producer prices, but prices in the domestic economy remain muted. That doesn’t strengthen the case for a more aggressive Fed.