On this week’s episode, we examine signs that inflationary pressures are proving more stubborn than many had hoped. January’s Producer Price Index surprised to the upside, with headline prices rising 0.5 per cent over the month and the measure excluding food and energy increasing 0.8 per cent. We discuss why these pressures are likely to filter into the forthcoming Personal Consumption Expenditures data, particularly in goods, and what that means for the broader inflation narrative. We also turn to markets, where Nvidia delivered earnings and revenues ahead of expectations, yet saw its shares fall sharply. The reaction, we argue, reflects mounting unease about the scale and sustainability of capital expenditure plans among the largest cloud providers. Data centers require enormous amounts of electricity, and questions about power availability raise doubts about whether projected demand for advanced chips can be fully realized. Finally, we explore the collapse of Market Financial Solutions in London. Following recent failures in other credit focused firms, the episode highlights the risks embedded in years of generous liquidity and looser underwriting standards. As financial conditions tighten, the vulnerabilities created during the boom are becoming harder to ignore.