There are two diverging views following today's CPI print: the first looks at the hotter headline inflation (which beat expectations on both a MoM and YoY basis) and argues that the Fed will have to hike at least once more. The second counters by pointing to the continued slowdown in supercore inflation... {chart} and notes that excluding shelter, which as we noted continues to lag real-time data by 12 months at a time when rents are now dropping. CPI and its stale data: "The shelter index increased 7.2 percent over the last year, accounting for over 70% of the total increase in all items less food and ... (full story)