Thursday - October 15, 2026

Hot PPI data pushes core PCE toward 3.2%, but the flat yield curve suggests bond markets fear slowing growth, not runaway inflation.

• Value crushed growth: Dow rose ~1% (up 550 pts) while NASDAQ was flat/slightly negative; dividend payers beat growth stocks by over 1%, equal-weight beat cap-weighted.
• PPI shocked higher: Headline PPI rose 1.3% m/m (vs 0.5% expected) and core PPI 0.7% (vs 0.3% expected), implying core PCE near 3.2% y/y, above the Fed's prior 3% read.

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