The Core CPI and the Fed's Forecast for 2020

The Chief Driver of the Core CPI since 2020, post-pandemic, has been used car pricing. At QI, we found that there's exactly a two-month lag between when Manheim used car prices decline, and when we see that manifest in the Core CPI. And again, that's a very distorting figure also where I'm sitting right here in New York City, 11% of shelter rent in the entire shelter rent calculation. That is coming through with a major lag,. As you've read, rents here in Manhattan are rising well after that of the rest of the country, and they're having a disproportionate effect on shelter inflation. Dan, do you think inflation really