Shelter inflation moved up to 3.5% and non-shelter core CPI inflation moved down to 1.5%. Not much to add. I continue to think that the slower the Fed is to lower short-term rates, the lower they will eventually go. I still think the yield curve is effectively inverted, because the zero lower bound should bias long-term yields higher. Normally, one might suspect that real estate and residential investment are important factors in the inverted yield curve. I would speculate that inverted yield curves lead recessions, because they are signs of disequilibrium. Long-term yields can't go