OK, put the trumpet back.
Today's PPI wasn't so nice. But keep the trumpet handy anyhow. The PPI is not a very reliable inflation indicator, and the divergence from the CPI would seem to indicate that labor-intensive content is becoming less expensive, not more expensive. The data are quite consistent with the view that inflationary forces within the US are not a problem. I'm nowhere near ready to concede that the herald-on-call has his job security back.