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Yesterday’s hot US CPI inflation made headlines well beyond the financial media. Today’s PPI data is even more striking, both in absolute levels and relative to consensus forecasts: • Headline PPI: Jumped 1.3% in Sept (highest since March 2022, right after Russia's invasion of Ukraine pushed energy and food prices much higher) → Annual PPI inflation is now running at 6.3%, well above the consensus forecast of 5.4%. • Core PPI: Rose 0.7% in Sept → Annual running at 5.0% versus the 4.4% consensus expectation. The Twist: Despite these hot numbers, the US 10-year yield is down at 5.06% rather than trading higher. More to follow. #economy #markets #inflation #cpi #ppi