The latest inflation data came in exactly as expected, but that does not make it good news for the Federal Reserve or consumers still dealing with prices rising faster than the Fed’s target.

Mike Armstrong and Paul Lane break down why core inflation remains too high, why Apple’s price hikes on Macs and iPads show how AI demand is starting to hit consumer electronics, and how memory chip shortages could keep pressure on prices into 2027. They also discuss Micron’s blockbuster earnings, why the AI supply chain is still seeing enormous demand, how higher costs for chips, electricity, and data centers could ripple through the broader economy, and why gas prices usually take longer to fall than oil prices after a major shock.