I need to dive into the details but CPI came in on the slightly low side of “in-line.” This is good but does not necessarily translate to interest rates coming down. As we just saw in the last two weeks, the job market does not appear to be cratering. This could imply the “r*” rate (the neutral risk-free rate associated with short term government debt), could be between 3.5% and 4.0%. Even if inflation is coming down, it does not mean that reducing rates wouldn’t be an unnecessary stimulus, raising inflation. Especially when you consider the tax cuts and anticipated defense spending are stimulative. You can’t add stimulus on top of stimulus without driving inflation. We just did that, right?