Hello fellow rebel capitals hope you're well.

A lot of inflation data from the United States.

We're going to go into exactly what is happening.

And then we're going to kind of take a step back and try to determine what's likely to happen with the

C. P. C. E or whatever inflation metric you want to look at.

We're going to try to think through what that's going to do,

at least the probabilities.

I'll give you my base case, moving into 2025.

So we've got the screen share set up.

Let's start with Zero Hedge.

So I love Zero Hedge.

Well, I think they're fantastic.

And the guys over there are great but it is you've got to kind of

understand that they have a massive bias towards inflation. I don't know why I don't know why they want inflation so badly but

whatever they just do. So Fed's favorite inflation indicator hotter than expected.

Government handout sore as savings slump.

Okay, so it is true that the core PC, now I don't know that that's the Fed's favorite maybe it is I thought that their favorite was headline PCE but I could be wrong I could be wrong so core PCE is definitely hotter than expected, but it was 2.7 instead of 2.6.

And as you can see, 2.7 isn't exactly a booming number.

Now I always like to start with a disclaimer

before I talk about the CPI or any of these inflation data is I totally agree that these inflation numbers are not correct.

I get it. I totally get it. But what I think is the

trend is correct. So as an example, if we look at, do they have the

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