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

The smell of stagflation is strong morning, because just as retail sales missed badly on both the headline and the core prints, PPI came in a hotter than expected, with prices for final demand less foods, energy, and trade services rising 2.7%, the largest rise since 12-month percent change data were available in August 2014.
