It's a broken record. Input prices are rising. And PMIs continue to reflect as much. This week's data stateside kicked off with Empire manufacturing, which beat. The headline gauge printed 17.4, the highest since last summer and better than the 15 the market was looking for. Given the macro backdrop, all eyes were on prices paid, and they didn't disappoint. Input prices rose at the briskest pace in a decade, which was true last month too, by the way. 64.4 is the highest read since mid-2011.