Just finished looking at yesterday's CPI data, and today the PPI data is out. Of course, compared to CPI, which gets a lot of attention, PPI is much less talked about. But keep in mind that in the Fed's most important PCE data, both CPI and PPI are key leading indicators. Today's PPI data is off the charts too. Previous value: 4.3%, market forecast: 4.9%, actual release: 6%. Core PPI is the same story. If CPI is the inflation indicator the market looks at first, then PPI is the indicator for production costs and some service prices, while PCE is the Fed's core metric for policy decisions. So after looking at CPI, checking PPI gives you a pretty good idea of the monthly PCE trend. And for the Fed right now, PCE is one of the main reference points for deciding whether to cut interest rates or not.