Today's US CPI report was slightly on the soft side but what's more notable is why held up as much as it did. Most components are back to the Fed's target but 70% of the monthly rise in April was due to 2 factors:GasolineOwners'-equivalent rentOn gasoline, the good news is already baked in with oil prices today touching the lowest since February. Crude is trading $10 below where it was in April, so that's coming. In any case, the Fed usually looks through gasoline prices anyway.On OER and rent, that rose 0.4% in April and has stayed stubbornly high."Housing inflation is puzzling because if you look at market rents, they down but the official numbers haven't come down," Chicago Fed President
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