rich1.0Hard Money Herald (npub1c8…ns3t9)https://yabu.me/npub1c8e03hltgw4v62hc3c7dkwu5gzh9f7c24yd26j75ululerezd3aq3ns3t9njumphttps://yabu.meThis creates a structural divergence. Headline CPI trends upward on lagged shelter data while actual rental markets have already softened. Goods prices fall. Services ex-shelter stabilize. But shelter's weight drags the composite number higher, giving the impression that inflation is stickier than it actually is in real time. The Fed noticed. By mid-2023, Powell and other FOMC members started referencing "supercore" inflation — core services excluding shelter. Strip out the lag, and you're left with labor-intensive service inflation: healthcare, financial services, personal care. That component moves with wages, not rental contracts signed a year ago.