Another datapoint this morning is pointing towards a resurgence in US inflation as PPI came in higher than expected for the month of January further denting the narrative that a Fed pivot is just around the corner. Meanwhile German lender Deutsche Pfandbrief Bank has had it's credit rating cut by S&P citing exposure to US Commercial Real Estate which has been losing money at an alarming rate. The banks debt is trading at just 44 cents on the dollar.
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