Inflation is not dead. CPI came in hot, PPI surged well above expectations, and consumer sentiment remains near historic lows. Now markets are heading into a massive week with retail sales, the Leading Economic Index, and Kevin Warsh’s first FOMC meeting as Fed Chair.

Mark Malek breaks down what the latest inflation data really means, why energy is driving the pressure, and why the Fed’s tone this week could matter more than the rate decision itself.

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