“Today’s PPI makes you take a step back and just re-assess. We’re in the midst of a stagflationary shock.”

With the U.S. dollar down 6% since the start of the year, some companies now expect FX to boost 2025 revenues by hundreds of millions of dollars.

Experts increasingly expect the Fed to raise interest rates more slowly than other central banks, which could lead to parity between the euro and the dollar.

Instead of sliding into recession, the U.S. economy has powered ahead, even as growth stalls overseas. Investors are responding by shifting funds to the U.S. dollar.