UBS On-Air: Paul Donovan Daily Audio 'Fairy tales and reality'

US headline consumer price inflation rose, but the details hint at weakening pricing power and support for a soft economic landing. Most market-determined prices are softening. Durable goods deflation continues. The fairy tale of owners’ equivalent rent, where statisticians pretend people pay themselves an ever-rising monthly rent to live in the houses they own, was the main driver of higher prices.