Hey, it's Kramer and this is my morning take on the market from today's

CNBC Investing Club morning meeting.

This morning we had a series of numbers, CPI numbers, and they all showed a cooling.

And that's actually reflecting that, Dowel not.

Yesterday John Williams, a very important person of the Fed, said, listen, we don't know

what we should be thinking. How about this? In the worst period of the Federal Reserve,

which was Burns, they kept changing every time they saw one good month.

Powell is not that way.

No. Is it possible that this is a month that we should just discount as being good for the Fed and

next month could be bad, and so therefore we can't take this as seriously as you'd like?

Sure.

I mean, I agree.

We're going to have another CPI print before the next meeting as well.

So yeah, I think so. And we're still trying to understand,

too, the impact from the bank, the regional banking fallout, right? And the tightening of credit

conditions that happened from that. But there were some encouraging signs in CPI, most notably

shelter, finally month-over-month growth moderating. And we also have rates now. We have the Fed funds rate

five to five and a quarter. CPI year-over-year four-nine. Right. Yes. So we finally have tilted the

scale. And what I like to go through is the point by point now, CPI for rent, a lot of the

projects that were on hold before COVID are now coming due and they're being finished around the country.

That doesn't mean that new things build up.

But there's something else going on here.

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