US Unconventional CPI - 2026-05-11

When you get an energy shock, it's going to show up no matter how you calculate a price index. Among our unconventional measures, the ones that filter out volatile or extreme moves, naturally, look less bad. But there's not a one of them that isn't registering some degree of shock. Fine -- that's just a question of calculation. What counts is what it means. A shock is not the same thing as inflation. And the central bank standard playbook for fighting inflation with higher rates isn't appropriate.