While half of the Fed’s dual-mandate is for “price stability”, I’ve often argued that the Fed doesn’t target price stability, but rather “inflation stability”.

2. Headline CPI ex-Shelter inflation was +2.1% YoY, down from +2.2% prior: Shelter is the largest component of the CPI, comprising 33% of the headline basket and 41% of the core basket, but it’s also the laggiest & least practical component of the CPI due to the way that Owners’ Equivalent Rent is calculated. I’ve gone down that rabbit hole in the