Prices Be Like “I’m on Fire!”
July’s U.S. Producer Price Index jumped 0.9% triple what economists expected and the biggest leap since 2022. Services soared 1.1%, goods climbed 0.7%, and annual PPI hit 3.3%, the hottest in three years.
Tariffs are turning up the heat, and businesses might soon pass the bill to consumers. Oh, and that dreamy 50 bps Fed rate cut in September? Yeah… probably not happening.
Moral of the story: inflation’s still got main character energy.