"Headline number expected to be up 3 tenths of a percent. Comes in hot, up 7 tenths a percent, up seven tenths! That would be the highest level since it was up eight-tenths in July of 25! Now, strip out food and energy, call it the core, up a half a percent. That's a couple tenths higher than we were expecting."
"It's almost the worst of both worlds! I guess stagflation would come close to describing the situation. We're probably not going to see Fed easing and the long end."
The Bureau of Labor Statistics released a Producer Price Index report showing wholesale inflation significantly exceeded forecasts. The headline PPI increased 0.7 percent in February, more than double the expected 0.3 percent, marking the highest level since July 2025. Final demand services rose 0.5 percent while final demand goods advanced 1.1 percent. The core PPI, excluding food and energy, increased 0.5 percent, also surpassing expectations by two-tenths of a percent. The 12-month PPI rose 3.4 percent. CNBC anchor Rick Santelli characterized the data as representing stagflation conditions, combining weak economic growth with persistent inflation, suggesting the Federal Reserve may not implement easing measures.
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