Hello, fellow rebel capitals, hope you're well.

So we've got more inflation news out today that shocks the market, or at least catches them off guard.

But what's weird is how the market responded to this surprise.

And I'll let the cat of the bag, the surprise on the upside with the most recent inflation data. And I'm not talking about the CPI. We're talking about the PPI. More on that in just a moment. And then we've got big moves in the 10-year treasury yield that I think is telling us a lot about what the bond market is expecting with inflation in 2025.

And then we've got new Trump tariffs.

He signed all these reciprocal tariffs into law today.

So we'll see if we can go over to CNBC and get some details on exactly what is happening, try to think through the ramifications.

All right.

First and foremost, let's start with CNBC.

And the PPI producer prices or producer price index rose 0.4% month over month.

Now, this was compared to the Dow Jones estimate for 0.3.

So we had a surprise to the upside.

So you could call this hot, you know, just like the inflation, excuse me, just like the CPI data yesterday.

But what's interesting is the market said, okay, that's a surprise on the upside, but we actually

think that this means we're going to have less inflation than we thought just yesterday.

It's a little weird here.

Check this out.

Key talking points.

Producer price index increased by a

seasonally adjusted. 0.4. Estimate, 0.3. Like we said, stock market futures moves slightly higher,

following the release while treasury yields fell. Ah, kind of given that, giving away the surprise there

for the second topic, but a lot more details there.

...