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Winner today economists who predicted a 7 percent year over year
CPI. That's exactly what we got as the headline CPI rises half a

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percent on the month. The core rate goes up six tenths which
pushes that up to 5.5 percent. That's a tick higher than we had

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anticipated. And I want to stress a number that we haven't
stressed in previous years or even months but it's getting to be

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more and more important and that's real. Average hourly
earnings. The Bureau of Labor Statistics takes the average

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hourly earnings numbers we get from the employment report and
subtracts inflation from that real average hourly earnings down

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two point four percent. So you are two point four percent behind
inflation at this point. And that's going to be the political

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issue for both Joe Biden and for Jay Powell.