PPI came in soft — exactly what our LEAN Nowcast IQ was signaling.
Consumer goods showing real weakness (tariff-heavy categories, even though PPI doesn't directly capture tariffs). Energy cooling off. Services behaving. All scores trending lower.
Fed has zero urgency here. Rates reacting more than the dollar — but the dollar is the final domino. If it breaks, everything moves: metals, digital assets, high-beta risk.
Late Q3 / early Q4 setup looking bullish.
Consumer goods showing real weakness (tariff-heavy categories, even though PPI doesn't directly capture tariffs). Energy cooling off. Services behaving. All scores trending lower.
Fed has zero urgency here. Rates reacting more than the dollar — but the dollar is the final domino. If it breaks, everything moves: metals, digital assets, high-beta risk.
Late Q3 / early Q4 setup looking bullish.