Video: Macro Minute: May Core CPI reveals inflation falling like a rock as housing cooling will more than offset any future tariff bump = dovish Fed in 2026 = P/E expansion

VIDEO: May Core CPI came in at half of expectations at +0.13% MoM (vs +0.28%) and housing and auto insurance were +0.12% and +0.02% of the total. Ex-these two, inflation was negative in May.  To us, this is the story.  Inflation is falling like a rock.  And this more than offsets any goods-related inflation.  This argues for a dovish Fed in 2026, which supports P/E expansion.

Please click below to view our Macro Minute (duration: 5:23).

https://vimeo.com/1092623607/bd8418950e?shar...

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