Why Wholesale Prices Just Dropped Unexpectedly

The Macro Memo with Fexingo: Daily Conversations on Inflation, GDP, and Federal Reserve Policy · Jul 15, 2026 · 7m · transcript

In this episode of The Macro Memo, Lucas and Luna dig into the surprising 0.3% decline in wholesale prices for June 2026, driven largely by a sharp drop in gasoline costs. With core CPI stubbornly high and consumer inflation coming in at 3.5%, they explore what the PPI data signals about the broader disinflation trend, the health of corporate margins, and the Fed's next move. Lucas ties the wholesale price decline to the pass-through lag from energy to consumer goods, while Luna questions whether the Fed can declare victory on inflation when services inflation remains sticky. The hosts…