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Macro

Fed policy, inflation data, Treasury yields, and the global rate picture.

Macro

PPI Comes in at 0.7%, Worst Inflation Surprise in a Year

Mar 20, 2026

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4 min read

PPI Comes in at 0.7%, Worst Inflation Surprise in a Year

February PPI rose 0.7% versus a 0.3% estimate, pushing the annual rate to 3.4%. The Fed held at 3.5%–3.75%. What the dot plot says about 2026 rate cuts.

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