Today’s CPI report was good because it shows core inflation, which the Fed cares about, is trending in the right direction. The Fed feels much better today because of all the rate hikes they have done to get the Fed funds rate above the growth rate of inflation.

Last year, CPI core inflation was running at 6.3%, and shelter inflation was still higher even though the data line was set to cool down. I talked about this on CNBC when they asked me to forecast the reality of rent inflation in 2023. Over a year has passed since that details ⇒

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