Hello, fellow rebel capitals, hope you're well. So the big news of the day, we have actual

deflation. That is right. Deflation, not in the CPI, but the overall, or not in the overall

economy, but in a very, very important component of the economy. So we have to dive into the details saying what

prices are actually going down because that sounds weird. And then we have to connect the dots

and say, okay, what does this mean for the CPI moving forward? What does this mean for the Fed's

interest rate decision? And then what does it tell us

about the overall economy and maybe even some risks, unfortunately, with private credit,

or at least the regional banks, the shadow banking system, and with liquidity more broadly.

So let's dive into it, guys. Drum roll, please.

What on deflation?

What?

George, have you been to the grocery store lately?

Yes, I get it.

Prices are going up.

But in this very important category,

it's like they're actually going down.

Here we are.

Actually, let me zoom in.

I've got this highlighted for everyone so we can kind of get through this a little more efficiently.

Let's zoom in.

There we go.

Okay, well, let's bump it up to 150.

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