A weak August PPI report today continues the narrative that inflation in the United States is a nothingburger. If I were attempting to be a forecaster, I could have easily been wildly wrong in my inflation prognostications (although the previous chickening out on mega-tariffs meant that my initial reactions would have to have been revised).

As always, there are anecdotal price pressures in the PPI (47.2% annual increase in turkey prices! (link to table)), but the overall final demand figure was l...