CrowdMood Column
PPI 2026-09: the pipeline into CPI
PPI final demand 159.78 (MoM +1.34%, YoY +6.35%, 2026-09) · PPI core 155.924 (MoM +0.58%, YoY +4.97%, 2026-09) · PPI energy 313.663 (MoM +10.85%, YoY +41.71%, 2026-09) · PPI farm products 230.92 (MoM -2.93%, YoY -2.45%, 2026-08).
The desk read
Producer energy is the early ticket. It shows up in CPI with a lag, then in term premium if it sticks. A friendly FOMC does not cancel a pipeline that is still hot. Soft crude on the screen can sit next to this print if China is the buyer stepping back. Geology does not care. Tape: WTI 95.25, US 10Y 5.056.
Market context
These series provide context. Co-movement does not establish causation.