The March Producer Price Index (PPI) report showed headline inflation at +4% and core PPI at +3.8%, both coming in lower than market expectations despite being the largest overall increase since February 2023. Significant price drivers included a 15.7% surge in gasoline and a 2.8% increase in airline passenger services. The sentiment suggests that if oil prices drop due to geopolitical shifts, the market may overlook this print in favor of improved future inflation outlooks.