The Producer Price Index, a measure of wholesale prices and a key input for consumer prices, rose 1% in January, doubling the 0.5% consensus forecast. The PPI was up 9.7% year over year, easing from the 13-year-high readings of 9.8% for the previous two months. Increases were registered across the board, but goods prices continue to lead services prices. It’s more fodder for a Federal Reserve poised to start raising interest rates next month. Meanwhile, President Vladimir Putin has ordered some troops be pulled back from positions along the Ukrainian border and has committed to further diplomatic talks with the U.S. Equity indexes surged on apparent easing of tensions in Eastern Europe, while crude oil and natural gas prices slid on the news. Tony Greer, founder of TG Macro and editor of the Morning Navigator newsletter, joins Real Vision’s Alfonso Peccatiello to discuss today’s developments. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/3gQ2miK Learn more about your ad choices. Visit podcastchoices.com/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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