The Goldilocks+ Dream Was Short-Lived; PPI Rains on Parade

1:43 p.m. ET In yesterday’s Afternoon Update, I wrote, “The near-term risk is tomorrow’s PPI has some surprisingly hot component. Even if it did, it’s very unlikely to halt a September rate cut based on probabilities, but the October/December cut probabilities may come down sharply.” This morning’s PPI was a big deal. It’s not just…