Axios »

Why it matters: Last week’s great reports on weakening U.S. consumer inflation, slowing wholesale price increases, falling import prices and lower-than-expected claims for jobless benefits helped send the surprise index to the highest level in two years.

Flashback: It was almost exactly a year ago that the index was blaring alarms that a sharp slowdown was in the works, as the Fed sharply raised rates while inflation stayed stubbornly high.