Last week’s inflation data came in at a higher rate than expected, with Price Producer Index (PPI) numbers showing more than double the expected inflation gain.

With both CPI and PPI being over the target, the steadfast certainty that the Federal Reserve will cut rates has now taken a step back, resulting in more tamed expectations for the near future.

With a mixed response from lending partners, this may end up rapidly changing in the next round of discussions with the Federal Reserve’s Chairman Jerome Powell this coming week, as well as a final rate decision.