July PPI came in flat at 0.0% month-over-month — cooler than the +0.2% estimate. Core PPI rose +0.2%, also below the +0.3% forecast.
But here's what matters: June's numbers were quietly revised upward. The headline moved from -0.3% to -0.1%. Core went from +0.2% to +0.4%.
Revisions tell you more than headlines. They show you where the data actually was, not where everyone thought it was. The narrative shifts, but the reality was already different.
Inflation isn't dead. It's just moving slower than the panic suggested. And slower is what the Fed wants — not perfection, just patience.
But here's what matters: June's numbers were quietly revised upward. The headline moved from -0.3% to -0.1%. Core went from +0.2% to +0.4%.
Revisions tell you more than headlines. They show you where the data actually was, not where everyone thought it was. The narrative shifts, but the reality was already different.
Inflation isn't dead. It's just moving slower than the panic suggested. And slower is what the Fed wants — not perfection, just patience.