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Today's decline includes market expectations, which may be more about "retail sales" data rather than PPI.
This time, the expected zero is simply a "stagnation period" of consumption. Stagnation in retail sales may indicate signs of economic slowdown.
Combined with the CPI data released two days ago, wages are also falling.
The biggest uncertainty comes from the Fed's monetary policy.
It is normal for the Fed to start cutting interest rates in May or June, but Powell dare not act rashly because no one knows whether Trump will make any changes next.
Because once the interest rate is cut rashly and inflation is raised again by tariffs, Powell may cry.
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