The market is celebrating a “slow down” in inflation for the month of April. This jubilation requires two assumptions:

1) that Core CPI still up at 3.6% year over year is good for stonks trading at 22-25x earnings

2) that the number is even accurate at all

Remember core CPI strips out food an energy. As I detailed in my post Monday, there is no question that my personal household rate of food inflation is dramatically higher than what the official statistics say.