Hello, fellow Robo Capitalists, hope you're well. So we got big news out. The CPI just hit.

If you haven't heard, it's below expectations with all of the talk about the Trump

tariffs increasing inflation. In fact, I have heard the word stagflation over the last month, probably more than you used to hear at the 1970s.

Everybody was talking about stagflation, stagflation, stagflation, stagflation, stagflation,

except for the people here on the Rebel Capital's channel.

And if you watch my whiteboard video the other day on stagnation,

I concluded by saying, yeah, I don't think so.

It's not my base case because although some prices might go up,

others come down if nominal wages aren't going up.

I've been talking about this nonstop.

You guys have heard me at nauseam say,

if wages aren't going up,

just rob and Peter to pay Paul. And it's very difficult to have sustained

acceleration in consumer price inflation. So it's not to say that we won't have a CPI report

come out maybe next month. It's a little higher. Yeah, that's fine.

But the fact that, you know, or this idea, we're going from 2.4% to 3%, to 5% to 9% to 15%, which

was what you would imply was stagflation is nonsense. You don't get that in a recession or when the economy is slowing.

That's not a thing. It's always disinflationary. And so this was no surprise to the rebel capitalist

crew, as most of you know, that we had some continued disinflation. Now, it is true as we go over to the CNBC, let me do the

screen share. It is true that this understates inflation most likely, but what we're looking for

here is simply the trend. And the trend is down, even with tariffs for heaven's sakes.

So then you have to ask, okay, would the cpi be without the tariffs

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