Unless I was interested in short-term breakevens, I viewed the consumer price index (CPI) as a lagging indicator and therefore not too exciting. As such, I am not as enthusiastic as other commentators with regards to reading the entrails of the CPI report. My interest was more in the underlying trends, and what we would expect to change. The problem with the U.S. CPI is that one of the most important “underlying” factors is housing — and the housing component has taken off like a rocket....Bond Economics
US Housing Component Of CPI Not Letting Up
Brian Romanchuk
http://www.bondeconomics.com/2022/05/us-housing-component-of-cpi-not-letting.html
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