How PPI Ended Up Not Being a Disaster

“Where there is no hope, it is incumbent on us to invent it.” — Albert Camus

Chart of the Day

Good morning!

It’s safe to say yesterday morning’s wholesale inflation report took us all by surprise. Kinda like summer showers, washing away hopes for jumbo interest-rate cut that some so naively believed they deserved. 

The producer-price index rose 0.9% in July from the month before, coming in much hotter than the 0.2% expected by economists. It marked the biggest j...

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