 Inflation, you probably heard yesterday, inflation came in at a relatively low number. The CPI consumer price inflation, that is this basket of goods that the federal government uses to measure, increased during the month of May by 0.1%, that is a very low rate, means that the annual increase from 12 months ago to today, to the end of May, was 4%, that is significantly below the highs that were achieved late last year of 9.1%, so it's less than half of what we achieved at the peak of the inflation pressure. Much of this is a consequence of energy prices declining, all prices declining, they declined sharply during the month and as a consequence that drove it down, so what they call core consumer price inflation that takes out food and energy, because food and energy are very volatile, that is still up 5.3% for the year and was up 0.4% in the month, so a lot of prices that are not related directly to energy or to food are still rising at about 0.4% a month, the Fed wants to drive that down to between under 0.2% a month, so we'll see. So inflation is still there, price inflation, a consumer price inflation is still there, it's still significantly higher than what the Fed's target is, which is 2%, but it is coming down significantly, although the coinflation is fairly stable over the last three months at around 5.2%, 5.3%. It is interesting, Rob on the chat mentions eggs, but it seems like greed has been sacked out of the economy, in particularly with regard to eggs, eggs spiked up dramatically last year and earlier this year, and there was a lot of talk about greed inflation that egg producers were inflating because they wanted to make a lot of money and they could and they were just exploiting all of us and they had this quote monopolistic power and just drove up prices and Elizabeth Wong and many people supported her coined this term of greed inflation, well, greed inflation is gone, the opposite is happening, we're having, I don't know, altruist inflation, which is deflation, because the fact is that last month, oil, egg prices, egg prices fell at the steepest rate since 1951, they fell something like 20 something percent in just one month, so there we go. We continue to track greed inflation and continue to give you the good news. Inflation is this tricky number because different goods go up and down at different prices, as I said, oil has gone down, eggs have gone down, other fruits and vegetables have actually gone up, but again, CPI tries to capture some kind of average, a core CPI, some kind of average, those are still high, particularly the core, higher than what one would like, higher than zero, which is what I would like, higher than 2%, which is what the Fed would like, but it does suggest that the Federal Reserve today will not raise interest rates that we're probably going into a period of the Fed pausing, holding back and not raising interest. One other inflation number was reported today, which is the PPI, the producer price index, these are prices at the producer level in the supply chain. Those prices actually fell in May by 0.3% and on an annual basis they went up 1.1% in the year ending in May, so again, looks like inflationary pressures in the various parts of the supply chain have been eliminated. If you believe in greed inflation, that means the end of greed, but if you, like me, believe that this is all caused by physical and monetary policy, by handing people money, well, the effect of the handouts is probably adjusted prices, there's probably still some adjustment to be made, but ultimately unless there's some massive addition to the money supply produced by the Fed, we're probably heading towards lower inflation. The fact that the Fed is stopping raising interest rates suggests that they might just pull off what's called a soft landing. I've been calling for a recession for years now and it hasn't happened and I still think there's going to be a recession, but now I'm starting to think, I guess there's a possibility it won't happen. I don't exactly understand why, but the U.S. economy is just super resilient and the barriers to actually shrinking and to actually having a recession are high given this resiliency and in a certain sense, the U.S. economy is just humming forward and you know, good, good, I'd rather have it humming forward than a recession. So we might avoid a recession. I'm not calling, I'm not saying that's what will happen, but it might, it might. Thank you for listening or watching The Iran Book Show. If you'd like to support the show, we make it as easy as possible for you to trade with me. You get value from listening, you get value from watching, show your appreciation. You can do that by going to iranbrookshow.com. I go to Patreon, subscribe, locals, and just making a appropriate contribution on any one of those, any one of those channels. Also, if you'd like to see The Iran Book Show grow, please consider sharing our content and of course, subscribe. 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