After a crazy weekend and Monday, it's almost sort of refreshing to have a day that's just the same old riggamaroll. Today brought the latest update on US inflation at the consumer level...the CPI. Though the report still shows an elevated level of inflation, it actually revealed the smallest year-over-year number since September of 2021.

So I suppose that's some sort of "victory", right? Maybe Powell is happier and relieved this morning as he suddenly has the proverbial bigger fish to fry, at present. And again, keep in mind that the YoY number is like a moving average of the...