It's a game to watch Watching the media scurry all over cyberspace to explain away why their TDS-afflicted economic catastrophe forecasts aren’t panning out. Take the surprisingly tame inflation on the month, despite the ongoing Iran War.
Despite a 4 percent increase on the year, the Bureau of Labor Statistics reported April 14 that the Producer Price Index of wholesale prices increased 0.5 percent month-over-month for March, which was much less than the 1.1 percentage increase forecasted by economists as conflict over the energy-critical Strait of Hormuz ensued. Core prices, which exclude volatile food and energy indicators, also came in sizably less-than-expected at 0.1 percent, beneath the projected 0.5 percent increase.
Both the global (Brent) and U.S. benchmarks for oil prices (West Texas Intermediate) dove below $100 a barrel yesterday, with U.S. prices in particular falling a whopping 11 percent since the U.S. military blockade of the strait. Anti-Trump propaganda-mills like Politico were adamant that the reverse would happen as a result of President Donald Trump’s campaign to completely decapitate the Islamist regime in Tehran, “It's not just oil. Here comes Hormuz inflation.”
When the latest inflation news muted the end-of-times scareporn, a bevy of publications like the Associated Press, Reuters, PBS News and CNN buried the lede and tried to eke out some sort of a victory for their less-than-impressive crystal ball interpretation skills. CNBC, apparently choosing not to follow suit, was one of the few outlets to report the news straight, “Economy Wholesale prices rose 0.5% in March, much less than expected despite war impact.”
BREAKING: US oil prices extend losses to nearly -6% on the day and drop below $94/barrel.
— The Kobeissi Letter (@KobeissiLetter) April 14, 2026
Oil prices are now down -11% since the US Military's "blockade" of the Strait of Hormuz began 24 hours ago. pic.twitter.com/uydiffa1JM
Trump-skeptical economist Mohamed El-Erian also welcomed the latest news, stipulating in an April 14 X post that the BLS report “will come as a relief to many, including the Federal Reserve.” Specifically, concluded El-Erian, ”America's diversified economy and its energy security are again distinguishing its economic performance from much of the rest of the world.”
This will come as a relief to many, including the Federal Reserve:
— Mohamed A. El-Erian (@elerianm) April 14, 2026
Monthly US PPI inflation was 0.5% in March, less than half the consensus forecast.
America's diversified economy and its energy security are again distinguishing its economic performance from much of the rest of…
You wouldn’t get this message from the rest of the media spin plaguing the internet. One of CNN’s most ridiculous business reporters, Alicia Wallace, heralded April 14 that “Wholesale inflation rose in March to three year-high.” She wrote that “Fast-rising oil prices sent US businesses’ costs higher in March, lifting wholesale inflation to 4%, the highest annual rate in three years.”
It’s not until the fifth paragraph that Wallace admits that the figures came in significantly less than expected on both the annual and monthly bases, which frustrated the frightwig narrative:
Still, despite wholesale inflation hitting a three-year high, the March PPI report fared better than economists had expected. They estimated that the war-driven energy shock would cause prices to jump 1.1% from February, driving the annual rate to 4.6%, according to FactSet consensus estimates.
Go figure.
AP reporter Paul Wiseman was no better, railing that “US wholesale prices surged 4% last month after the war in Iran sent energy prices soaring.” Wiseman didn't even get specific about how the figures were significantly muted against expectations, but just scantly mentioned in the third paragraph that “The gains in wholesale prices were smaller than economists had forecast.” Ahem, how much smaller, Wiseman!? He didn’t say, except to pivot right back to kvetching how “[t]he surge in prices complicates the work of the inflation fighters at the Federal Reserve, who have faced intense pressure from President Donald Trump to lower their benchmark interest rate.” Perhaps Wiseman didn’t catch El-Erian’s sentiments yet?
PBS News went on to uncritically repost Wiseman’s entire slanted news item with the headline, “U.S. wholesale prices surged 4% last month during the Iran war.”
Reuters reporter Lucia Mutikani likewise couldn’t bring herself to fully admit that the price spikes weren’t nearly as bad as forecast in its April 14 headline, “US producer inflation rises below expectations in March, but war fires up energy prices.” Talk about timing, as oil prices are currently in the process of tumbling. Did Mutikani bother to update her item to reflect current market trends? Nope!
The only thing that’s predictable here is the media’s ongoing push for some sort of economic fall out to skewer Trump regardless of the reality. Their Chicken Little doom prophecies? Not so much.
