Inspirational Inflation

The November CPI rose 7.1% Y-o-Y, down from 7.7% last month, and a 6/22 peak of 9.1%. Better yet, shelter, which while up 0.65% in November, is down from 0.75% in September and October, is at a four-month low, and is falling quickly. This matters because shelter was by far the largest single contributor to headline and core inflation this month. After tomorrow, the Fed should stop hiking, but won’t.