Goldman Sachs economists in a note estimated that consumers could soon bear up to 67% of tariff costs, up from 22%, thus escalating broader inflation risk. Before the Aug. 14 PPI report, markets were nearly unanimous in pricing a September Fed interest rate cut of up to 0.50%.

A jump in U.S. wholesale prices last month looks to have all but erased the possibility that the Federal Reserve will deliver a jumbo-sized half-percentage-point interest rate cut in September, though expectations for a quarter-percentage-point move next month,

Crypto Remains in the Spotlight: Investors continue to buy all things crypto. Bullish (BLSH) went public in an IPO yesterday, with its stock soaring from its offer price of $37 to $68 – an 84% gain – but shares had been as high as $118, a 219% rise. BLSH is up another 13% in premarket trading.