Hi HODLers,
Opposite of what I expected, PPI numbers declined in August by 0.1% MoM. Services fell 0.2%. When decompositing what is happening, Services went down and goods inflation ticked slightly up MoM.
I don't think we can read much about it yet but if nothing else shows in September numbers, one could assume that President Trump was right and the inflation from tariffs will be limited.
Goods
I find this second chart quite interesting. As we can see the Final Demand goods keep trending up since April 2025 (beginning of tariffs) but is slowing down. Are we stabilizing for good or just waiting for another acceleration post Summer? Time will tell!
Services
Tomorrow's August CPPI numbers
August CPI ex food & Energy is expected to be 0.3% MoM
August CPI NSA YoY is expected at 2.9%
Sleep tight and keep stacking these $LEO or $BTC!
Stay safe out there,
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