A major reversal this month. Good news or noise?
Month over month change in non-shelter core CPI was over 0.3%. Year over year non-shelter core inflation is at about 1.3%. Rent at Zillow has been signaling moderation recently. Does that mean CPI shelter inflation will now also continue to moderate? If non-shelter inflation is from demand-side pressures, I don't see how it could. I'm still mostly in wait-and-see mode here.