Core PPI rose 0.8% in January, well above expectations. Year-over-year core inflation runs at 3.6%. This is not 2022-style inflation but sticky service pressures remain. The key distinction: this report pressures markets tactically, not structurally. No liquidity shock, no energy spike. Cycle lows rarely form without a narrative trigger. This data fuels correction completion into the early March window rather than signaling bear market breakdown.
