Another blow to the tariff panicans today, from MarketWatch,
Wholesale prices are flat in June, PPI shows, and point to muted effect of tariffs on inflation.
In this instance, “muted” means none, zero, non-existent.
Here “PPI” stands for the producer price index, the wholesale version of the retail consumer price index, CPI. Yesterday, the CPI was published, which led the Wall Street Journal to lead with this Page 1 headline, printed above the fold this morning,
Inflation Picks Up to 2.7% as Tariffs Start to Seep Into Prices.
The Journal piled on with an editorial this morning,
Trump Tariffs Hit Consumer Prices.
The media narrative that was written back in early April had the Trump tariffs sparking Weimer Republic/Zimbabwe/Argentina-levels of galloping hyperinflation.
In anticipation, they went and cornered the market on those wheelbarrows that you would have needed to cart around the cash to buy a loaf of break.
But it never happened. And it’s killing them. It’s killing them dead.
