US PPI comes in cooler than expected

BREAKING: U.S. PPI came in at 5.5%, below expectations of 6.2%.
That is a meaningful downside surprise for inflation data.
Core inflation is showing signs of cooling, which gives markets more room to price a less aggressive Fed path.
For $FEDFUNDS, the key question is whether this is the start of a broader disinflation trend or just one soft print.
Risk assets usually like cooler inflation because it reduces pressure on rates.