While CPI inflation is at 3.5%, inflation is much higher in many basic necessities:

1. Car Insurance Inflation: 22.2%

2. Transportation Inflation: 10.7%

3. Car Repair Inflation: 8.2%

4. Hospital Services Inflation: 7.5%

5. Homeowner Inflation: 5.9%

6. Rent Inflation: 5.7%

7. Electricity Inflation: 5.0%

8. Food Away From Home Inflation: 4.2%

Both Core CPI and headline CPI came in hotter than expectations.

This is FOURTH straight month with both readings being hotter than expected.

We now have all major inflation metrics back on the rise and oil prices are nearly $90.

Affordability is still getting worse.

With inflation on the rise, rate cuts are becoming even less likely.

It's incredible to think that just 4 months ago, markets priced in a chance of 8 rate cuts this year.

The Fed's victory speech was too soon.

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