Today's PPI inflation data surprised to downside again. - PPI MoM: +0.16% - PPI MoM Annualized: +2.01% - PPI YoY: +1.46% - PPI Last 3 Months Annualized: –0.76% A sharp decline in the three-month average signals cooling price pressures beneath the surface and further removes risks to the Fed's inflation mandate.