Inflation data

March Producer Price Index came in below the scariest forecasts after February's blowout — headline final demand rose 0.5% MoM vs. fears of a 1%+ print. Services were flat, while goods jumped on energy. Core wholesale inflation slowed; intermediate demand still shows pressure in the middle of the supply chain.

In real estate it's location, location, location. In markets right now it's rotation, rotation, rotation. March ran from tech to Energy. April snapped right back. Here's what the sector tape is saying.

Wholesale inflation surged in February — headline PPI 3.4% year-over-year vs. 2.9% expected, core PPI 3.9% vs. 3.7%. Core is at its highest since February 2023. This data does not include the Iran conflict. Rate cuts are being priced out.

Eggs, rent, home prices, ground beef, gas, insurance — how much has each one actually changed since 2019? We put all 15 indexes on a single chart so you can see the full picture at a glance.

The Federal Reserve's preferred measure of inflation moved in the wrong direction in January — and that was before a war in the Persian Gulf started pushing oil prices higher. Core PCE ticked up to 3.1%; the Fed is effectively handcuffed heading into its March meeting.