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What's going on, guys? It is Thursday, June 13th, and today we are catching up on the macro with yesterday's FOMC meeting.

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All right, friends, well, Fed Day got started early with the release of May inflation data first thing in the morning. BLS data showed actually a small downtick in headline CPI,

moderating to 3.3% on an annualized basis. Core CPI inflation, which excludes food and energy prices, also fell

slightly to 3.4%. Both readings came in below expectations and contributed to the second

straight month of declining inflation. As the Fed might tell you, we're at a place where inflation

is still too high and progress too slow, but given that we saw increasing inflation in the

first quarter, slow progress

is a whole lot better than the alternative. Robert Frick, corporate economists with Navy Federal

Credit Union, said, finally, some positive surprises as both headline and core inflation

beat forecasts. There was relief at the pump, but unfortunately, home and apartment costs

continue to rise and remain the main cause of inflation. Until those shelter costs begin their long-awaited fall, we won't see major drops in CPI. This comment really

highlights some of the issues with recent CPI data. While inflation is slowing, according to

BLS methodology, the progress is very uneven. Some segments of the economy still show massive

inflation while others are cooling rapidly.

Shelter is one of the most troubling segments still moving up at a 5.4% annualized rate.

That's a little cooler than the April numbers, and there are huge lags associated with that

...