In October, the PPI rose 2.4% year-over-year.

The leveraged loan market is seeing Trump’s election as a “tailwind” for after-tax corporate profits, “through lower expected corporate tax rates, less regulation, and higher inflation.”

“I would expect there’ll be less aggressiveness. This administration has been hyper-aggressive. Even if you dial it back to a normal level, that’ll be a change.”

Bringing inflation down to target levels is proving challenging for central banks around the world, but most are slowly reducing interest rates.