US CPI/PPI - 2022-08-09

We're going to take the win. No one else said headline CPI would be negative for July. And our monetarist model gets its fourth-in-a-row sequential downtick in YOY core. Now... will Powell take the win? All he has to do is claim credit and move along.

By the way, on page 7 we have new details panels on the demographics of inflation expectations. The only people expecting hot inflation are poor, non-college educated, innumerate and from the South. We're in Dallas, so we can say that.