The Fed Is Really Zoned in on Core Services, Ex-Shelter

We knew we expected inflation to roll over in a significant way, but we didn't expect the degree. The markets are reacting to that kind of reversing the moves in the beginning part of the year saying, okay, well, thank gosh, real yields don't have to rise more. Big picture is inflation is decelerating from a cyclical perspective. And it's been interesting because I talked about something we got right. What we think is missing and has been a surprise is this missing is the implications of the tightening today.