After reading what Uncle Cat said, I would like to add that today's decline, including market expectations, may not be more on PPI, but on the "retail sales" data, which is actually the best indicator of the "US economy" because retail sales directly reflect changes in consumer spending. At present, the previous value of this data is 1.5%, and the market expectation is zero. From the data of the past two years, it can be seen that there is almost only a decline in December each year. The main reason for the decline is that the repetitive impact of "festivals in December every year" has been excluded. In addition, there are already advance purchases for festivals such as November and Black Friday, so the problem is not significant. And this expected zero, 0% growth means that consumption has not expanded or declined, which is a typical 'stagnation period'. In the United States, consumption (especially personal consumption expenditure) accounts for about 70% of GDP, and stagnant retail sales may indicate signs of economic slowdown. Saying 'zero expectations' represents the market's belief that US consumer momentum is declining but has not yet fully collapsed. This is a critical signal, and if it continues to be zero or turn negative in the future, it will trigger concerns about an economic recession. Among them, there is also a core retail that excludes automobiles, food, and energy. This data may be more important because everyone knows about the tariff issue of automobiles. The previous value was 0.6%, and the expected value is 0.3%, indicating that the growth of core retail is also slowing down, which is not very beneficial for the economy. Also, I don't know if my friends still remember the CPI data released on Tuesday, which showed a decrease in wages. It is also a sign of economic slowdown. Of course, I am not representing a bearish view, nor am I suggesting that everyone go short. However, the current economic situation is expected to be like this. If retail data rises instead today, it will reduce the risk aversion. The expectation of PPI is actually decreasing (annual rate), and the increase in monthly rate is normal, whether it is due to tariffs or not. This idea is the same as CPI, and there is no need for obvious hedging. If hedging really occurs, it is likely due to retail data. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex