US October PPI Jumps 6.5%, Largest Rise in Nearly Four Years

The significance here is the alignment of a hot US producer-price print with explicit Fed commentary that inflation is broad and moving the wrong direction, which pushes rate-path expectations back into focus for every risk asset, crypto and tokenized RWA included. The softer Chinese credit data — loans contracting while M2 still grows — points to a different problem set in Asia, so the two economies are now pulling in opposite directions. What matters next is whether officials translate the rhetoric into action, and whether the PPI acceleration proves a one-month spike or a trend.