In 1919, after the final wave of the spanish flu, the market rallied 50% in about 6 months (to be fair WW1 had also finished).
It returned to the pre spanish flu low by mid 1921.
PPI cool because producers didn’t buy shit, they front loaded the tarrifs. CPI gonna be hot AF because they still want profits and are gonna charge tarrif prices on goods they bought pre-tarrif