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Here this morning we got the release of the CPI data for the month of April.

Now normally there's very little anticipation with respect to this release because after

all every month it's either point one point two.

It's really no big deal.

Nobody really cares because the series barely moves.

Inflation is below 2% at least the way the government officially measures it with the CPI.

So there was a lot more anticipation with respect to this release than I have seen in

the past.

There are a lot of people kind of nervous about the number despite the fact that the consensus

forecast was for an increase of just point two.

Now it made no sense that the forecast was so low.

Now there was a range of forecast, a low end being point one and the upper end being point

five.

But obviously most of the estimates came in quite a bit below point five which is why

the mean consensus number was just point two.

But it didn't make sense to me that Wall Street would be so sanguine on consumer prices

not only given what's obviously happening but looking at what's happened to the CPI

in the first three months of the year.

...