Producer prices are climbing again—and it's catching everyone off guard. November's U.S. PPI inflation came in at 3.0% year-over-year, crushing analyst expectations of 2.7%. Core PPI? Even spicier at 3.0%, marking the hottest reading since July 2025.

What does this mean? Rate cuts are probably staying in the garage for a while. This kind of sticky inflation keeps central banks cautious and affects everything from bond yields to crypto market momentum. For traders watching macro trends, this data reshapes the playbook—inflation staying elevated typically pressures growth assets and shifts risk sentiment across the board.