00:00Right. Well, the inflation numbers have been fantastic the last couple of reports.
00:03And the thing about them is it wasn't a story of energy. It was really about everything else that
00:08President Trump has been doing. Like you saw the prescription drug prices dropped a lot because
00:12of Trump Rx and the most favored nation negotiations. And our D-reg efforts are also
00:17putting a lot of downward pressure on prices. And so I think the question is, is it going to
00:21continue? And I think that you're right to highlight shelter costs. And one of the metrics
00:27of shelter costs that I find most interesting is that they're going down pretty rapidly in
00:32places like California because everybody's leaving. And so when we look at the aggregate
00:37numbers, the fact that it's actually, even though they're high prices in California,
00:41it puts downward pressure on inflation because shelter costs are such a big share of inflation
00:45and everybody's leaving the state.
Commenti