Y-o-Y CPI is now 4.9%, down from 9.1% in 6/22, and core CPI is 5.5%, down from the 9/22 peak of 6.6%. Similarly, producer price inflation is just 2.3%, well off its high. Further, shelter inflation is now finally starting to officially decline, and it’s 42% of the CPI. The issue consuming the Fed is how much further inflation falls and how fast. But no matter how measured, it’s falling!