New BLS data out just now. Items that we mostly import are starting to see very real price increases: - baby/toddler clothes (up 3.3% since last month) -tools/hardware/outdoor equipment (up 1.6%) -Dishes/flatware (up 2%) -Furniture (1.5%) -Coffee (2.3%) I want to emphasize that these are price increases over *the last month*, not the last year. Headline inflation didn’t come in too bad because of food/energy price cooling, but core inflation rose faster this month that it did last month. And, as has been the case for awhile now, housing cost increases are the single biggest driver of inflation. So there you have it. Housing costs are still going up too much. And now we’re starting to see the tariffs filter into some of our most import-oriented goods (expect a lot more of this next month- these are prices from July, not now). Right now, we’re catching a break on gasoline (down 2.2%). That helps for now but won’t last forever. Inflation is likely to keep picking up. Of note, we get another inflation report and another jobs report before the Fed meets again in mid-September.