Sometimes the title says it all. Shelter is actually propping up inflation and Chris, Saied and Haroon have the data to prove it.

➡️ Specifically, shelter accounts for approximately 33% of the total CPI and approximately 40% of core inflation. With this much weighting, you can't hit the Fed's 2% target without a decrease in shelter costs.

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🔗 Resources:

Inflation cools off in April (Yahoo! Finance via Instagram)

Inflation has not fallen in a single month since January 2021, according to Zerohedge (Kobeissi Letter via X)

U.S. Rental vacancy (Kobeissi Letter via X)

Housing Market Data (Redfin)

Total US household debt increased by $190 billion in Q1 2024 (Kobessi Letter via X)

U.S. Household debt climbs to a record $17.69 trillion (Yahoo! Finance via X)

US credit card delinquency rates jumped to 8.9% in Q1 2024 (Kobessi Letter via X)

U.S. jobless claims jump to highest level in eight months (Yahoo! Finance)

In New York City, rents grew more than seven times faster than wages last year (Unusual whales via X)

Fed Governor Waller wants ‘several months’ of good inflation data before lowering rates (CNBC)

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