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There are many economic data releases this week: tonight's PPI, tomorrow night's CPI, retail sales data on Thursday night, and initial jobless claims for the week.
They can be roughly categorized as PPI and CPI both belonging to inflation indicators, while retail sales and unemployment claims are now more viewed as indicators of economic strength or weakness.
From the current market attention, the focus has shifted from whether inflation is continuing to slow down to whether the economy is heading into recession.
In this context, it seems that retail and employment data (Thursday) may carry more weight than inflation data (Tuesday's PPI, Wednesday's CPI), as the market is more worried about a recession.
The risks for PPI and CPI also include whether they will significantly fall below expectations.
An overly cold inflation reading could mean further declines in consumption or the economy.