{"id":46247,"date":"2025-07-16T15:39:34","date_gmt":"2025-07-16T12:39:34","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=46247"},"modified":"2025-07-16T15:40:11","modified_gmt":"2025-07-16T12:40:11","slug":"u-s-ppi-data-released-were-expectations-met","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/","title":{"rendered":"U.S. PPI Data Released! Were Expectations Met?"},"content":{"rendered":"<p data-start=\"165\" data-end=\"468\">The highly anticipated <strong data-start=\"188\" data-end=\"218\">Producer Price Index (<a href=\"https:\/\/coinengineer.net\/blog\/us-ppi-and-jobless-claims-data-announced-were-expectations-met\/\">PPI<\/a>)<\/strong> data regarding the U.S. economy has been released. The figures for June 2025 came in generally below market expectations. The slowdown in inflation on the producer side is being interpreted as a significant signal for the Fed\u2019s interest rate policy.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/#US_Annual_PPI_Falls_Short_of_Expectations_at_23\" title=\"U.S. Annual PPI Falls Short of Expectations at 2.3%\">U.S. Annual PPI Falls Short of Expectations at 2.3%<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/#US_Monthly_PPI_Drops_to_Zero\" title=\"U.S. Monthly PPI Drops to Zero\">U.S. Monthly PPI Drops to Zero<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/#Surprise_Decline_in_Core_PPI\" title=\"Surprise Decline in Core PPI\">Surprise Decline in Core PPI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/#Impact_on_Crypto_and_Financial_Markets\" title=\"Impact on Crypto and Financial Markets\">Impact on Crypto and Financial Markets<\/a><\/li><\/ul><\/nav><\/div>\n<h3 data-start=\"470\" data-end=\"525\"><span class=\"ez-toc-section\" id=\"US_Annual_PPI_Falls_Short_of_Expectations_at_23\"><\/span>U.S. Annual PPI Falls Short of Expectations at 2.3%<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"527\" data-end=\"709\">The <strong data-start=\"531\" data-end=\"545\">annual PPI<\/strong> for June was announced at <strong data-start=\"572\" data-end=\"580\">2.3%<\/strong>, below the expected 2.5%. The previous figure stood at 2.7%. This decline indicates easing price pressure at the producer level.<\/p>\n<h3 data-start=\"711\" data-end=\"745\"><span class=\"ez-toc-section\" id=\"US_Monthly_PPI_Drops_to_Zero\"><\/span>U.S. Monthly PPI Drops to Zero<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"747\" data-end=\"923\">The <strong data-start=\"751\" data-end=\"766\">monthly PPI<\/strong> came in at <strong data-start=\"778\" data-end=\"786\">0.0%<\/strong>, significantly below the 0.2% expectation. This figure was 0.3% in May, indicating a noticeable pause in inflation on the producer side.<\/p>\n<h3 data-start=\"925\" data-end=\"957\"><span class=\"ez-toc-section\" id=\"Surprise_Decline_in_Core_PPI\"><\/span>Surprise Decline in Core PPI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"959\" data-end=\"1044\">Excluding volatile items like energy and food, the <strong data-start=\"1010\" data-end=\"1022\">Core PPI<\/strong> also showed weakness:<\/p>\n<ul data-start=\"1046\" data-end=\"1172\">\n<li data-start=\"1046\" data-end=\"1109\">\n<p data-start=\"1048\" data-end=\"1109\"><strong data-start=\"1048\" data-end=\"1067\">Annual Core PPI<\/strong>: 2.6% (Expected: 2.7% \/ Previous: 3.2%)<\/p>\n<\/li>\n<li data-start=\"1110\" data-end=\"1172\">\n<p data-start=\"1112\" data-end=\"1172\"><strong data-start=\"1112\" data-end=\"1132\">Monthly Core PPI<\/strong>: 0.0% (Expected: 0.2% \/ Previous: 0.4%)<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"1174\" data-end=\"1353\">These declines indicate that <strong data-start=\"1203\" data-end=\"1221\">core inflation<\/strong> is also slowing. Given that core data often has a more direct impact on Fed decisions, this development is particularly noteworthy.<\/p>\n<h3 data-start=\"1355\" data-end=\"1397\"><span class=\"ez-toc-section\" id=\"Impact_on_Crypto_and_Financial_Markets\"><\/span>Impact on Crypto and Financial Markets<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"1399\" data-end=\"1613\">In the markets, weaker inflation data may be interpreted as a sign that the <strong data-start=\"1475\" data-end=\"1529\">Fed<\/strong> could start cutting rates sooner than expected. This could have a positive effect on bitcoin and other<strong data-start=\"1549\" data-end=\"1598\"> altcoins<\/strong> in particular.<\/p>\n<p data-start=\"1615\" data-end=\"1784\">In fact, <strong data-start=\"1624\" data-end=\"1636\">CPI data<\/strong> released in recent weeks also came in below expectations. Now, weak signals from the PPI side suggest that overall inflationary pressure is easing.<\/p>\n<p data-start=\"1786\" data-end=\"1956\"><strong data-start=\"1786\" data-end=\"1801\">Risk assets<\/strong>, in particular, are highly sensitive to rate cut signals. As such, a short-term recovery may be seen in both <strong data-start=\"1911\" data-end=\"1929\">equity markets<\/strong> and the <strong data-start=\"1938\" data-end=\"1955\">crypto market<\/strong>.<\/p>\n<hr \/>\n<p data-start=\"1786\" data-end=\"1956\"><i>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<\/i><strong><a href=\"https:\/\/t.me\/coinengineernews\"><i>Telegram,\u00a0<\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i>YouTube<\/i><\/a><\/strong><i><strong>,<\/strong> and\u00a0<\/i><strong><a href=\"https:\/\/twitter.com\/coinengineers\"><i>Twitter<\/i><\/a><\/strong><i><strong>\u00a0<\/strong>channels for the latest\u00a0<\/i><strong><a href=\"https:\/\/coinengineer.io\/news\/\"><i>news<\/i><\/a><\/strong><i><strong>\u00a0<\/strong>and updates.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The highly anticipated Producer Price Index (PPI) data regarding the U.S. economy has been released. The figures for June 2025 came in generally below market expectations. The slowdown in inflation on the producer side is being interpreted as a significant signal for the Fed\u2019s interest rate policy. U.S. Annual PPI Falls Short of Expectations at<\/p>\n","protected":false},"author":29,"featured_media":36445,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,2],"tags":[236,61,5344,4932,393,640,1180,10244,5339,7980],"class_list":["post-46247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-news","category-news","tag-altcoin","tag-bitcoin","tag-core","tag-cpi","tag-crypto","tag-fed","tag-inflation","tag-interest-rate-cut","tag-ppi","tag-u-s"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. PPI Data Released! Were Expectations Met? - Coin Engineer<\/title>\n<meta name=\"description\" content=\"The highly anticipated Producer Price Index (PPI) data regarding the U.S. economy has been released. How about expectations?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. PPI Data Released! Were Expectations Met? - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"The highly anticipated Producer Price Index (PPI) data regarding the U.S. economy has been released. How about expectations?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-16T12:39:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-16T12:40:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/02\/abd_ce-1024x576.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Emre Yumlu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emre Yumlu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/\",\"name\":\"U.S. PPI Data Released! Were Expectations Met? - Coin Engineer\",\"isPartOf\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/02\/abd_ce.png\",\"datePublished\":\"2025-07-16T12:39:34+00:00\",\"dateModified\":\"2025-07-16T12:40:11+00:00\",\"author\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/f99e7d0d5039cb3b36bd759a12c1216c\"},\"description\":\"The highly anticipated Producer Price Index (PPI) data regarding the U.S. economy has been released. How about expectations?\",\"breadcrumb\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/#primaryimage\",\"url\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/02\/abd_ce.png\",\"contentUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/02\/abd_ce.png\",\"width\":1920,\"height\":1080},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/coinengineer.net\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"U.S. PPI Data Released! Were Expectations Met?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\",\"url\":\"https:\/\/coinengineer.net\/blog\/\",\"name\":\"Coin Engineer\",\"description\":\"Btc, Coins, Pre-Sale, DeFi, NFT\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/coinengineer.net\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/f99e7d0d5039cb3b36bd759a12c1216c\",\"name\":\"Emre Yumlu\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3618e7041e2880ae9fdfeec9b77592ba6e9417ff89cfe4db07e0d1687a477d7b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3618e7041e2880ae9fdfeec9b77592ba6e9417ff89cfe4db07e0d1687a477d7b?s=96&d=mm&r=g\",\"caption\":\"Emre Yumlu\"},\"url\":\"https:\/\/coinengineer.net\/blog\/author\/ceemre\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"U.S. PPI Data Released! Were Expectations Met? - Coin Engineer","description":"The highly anticipated Producer Price Index (PPI) data regarding the U.S. economy has been released. How about expectations?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/","og_locale":"en_US","og_type":"article","og_title":"U.S. PPI Data Released! Were Expectations Met? - Coin Engineer","og_description":"The highly anticipated Producer Price Index (PPI) data regarding the U.S. economy has been released. How about expectations?","og_url":"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/","og_site_name":"Coin Engineer","article_published_time":"2025-07-16T12:39:34+00:00","article_modified_time":"2025-07-16T12:40:11+00:00","og_image":[{"width":1024,"height":576,"url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/02\/abd_ce-1024x576.png","type":"image\/png"}],"author":"Emre Yumlu","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Emre Yumlu","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/","url":"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/","name":"U.S. PPI Data Released! Were Expectations Met? - Coin Engineer","isPartOf":{"@id":"https:\/\/coinengineer.net\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/#primaryimage"},"image":{"@id":"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/#primaryimage"},"thumbnailUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/02\/abd_ce.png","datePublished":"2025-07-16T12:39:34+00:00","dateModified":"2025-07-16T12:40:11+00:00","author":{"@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/f99e7d0d5039cb3b36bd759a12c1216c"},"description":"The highly anticipated Producer Price Index (PPI) data regarding the U.S. economy has been released. How about expectations?","breadcrumb":{"@id":"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/#primaryimage","url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/02\/abd_ce.png","contentUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/02\/abd_ce.png","width":1920,"height":1080},{"@type":"BreadcrumbList","@id":"https:\/\/coinengineer.net\/blog\/u-s-ppi-data-released-were-expectations-met\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/coinengineer.net\/blog\/"},{"@type":"ListItem","position":2,"name":"U.S. PPI Data Released! Were Expectations Met?"}]},{"@type":"WebSite","@id":"https:\/\/coinengineer.net\/blog\/#website","url":"https:\/\/coinengineer.net\/blog\/","name":"Coin Engineer","description":"Btc, Coins, Pre-Sale, DeFi, NFT","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/coinengineer.net\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/f99e7d0d5039cb3b36bd759a12c1216c","name":"Emre Yumlu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3618e7041e2880ae9fdfeec9b77592ba6e9417ff89cfe4db07e0d1687a477d7b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3618e7041e2880ae9fdfeec9b77592ba6e9417ff89cfe4db07e0d1687a477d7b?s=96&d=mm&r=g","caption":"Emre Yumlu"},"url":"https:\/\/coinengineer.net\/blog\/author\/ceemre\/"}]}},"_links":{"self":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/46247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/comments?post=46247"}],"version-history":[{"count":2,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/46247\/revisions"}],"predecessor-version":[{"id":46249,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/46247\/revisions\/46249"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media\/36445"}],"wp:attachment":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media?parent=46247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/categories?post=46247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/tags?post=46247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}