The April CPI report just dropped, and Wall Street is already trying to explain it away as “just energy.” But that misses the bigger problem. Energy prices are surging, gasoline is up sharply, airline fares are getting hit by fuel costs, and shelter inflation is accelerating again. That means this is not one inflation problem — it’s two separate problems happening at the same time.

Mark Malek breaks down why the Fed is trapped, why rate cuts are looking less likely, and why the shelter problem may be the inflation story nobody on financial television wants to lead with.

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