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Hello and welcome to another episode of the AdLots podcast. I'm Joe Weisenthal.

And I'm Tracy Alloway. So Tracy, you see, we just got the latest CPI report?

I did indeed. It looks like CPI came in slightly hotter than expected.

Like not a huge deviation from the forecast. But of course,

everyone's talking about the idea that, well, all of this was supposed to be transitory.

And yet, you know, here we are almost two years into the global pandemic.

And it doesn't seem like any of this is going away.

Right. And so, of course, there's this debate about what transitory means.

Does it mean pandemic related or does it mean brief?

And so we're sorry to split hairs on that.

And then there's also, you know, of course, the deviation between headline CPI,

which includes energy prices and core, which doesn't, but the degree to which you could really

ever like separate out commodities from the fact that commodities go into everything

is kind of impossible. And with the exception of a few things, I mean, we are on a massive

commodity slash energy bull run.

Yeah. So the crazy thing here is that people were worried about higher inflation,

even before the commodity's market really started going nuts, like just in the past

month or so. I mean, I'm looking at some of the energy headlines that have just come over

...