RUSH TRANSCRIPT Let s ░░░░░░░░ about inflation and one ░░░░░░░░ my favorite topics is ░░░░░░░░ because tomorrow the huge ░░░░░░░░ likely market moving consumer ░░░░░░░░ index is out and ░░░░░░░░ CPI showed a lower ░░░░░░░░ in February and it ░░░░░░░░ a reason to cheer ░░░░░░░░ about inflation but here ░░░░░░░░ maybe what you didn ░░░░░░░░ hear Nearly all of ░░░░░░░░ CPI was because of ░░░░░░░░ thing used car prices ░░░░░░░░ fell in February from ░░░░░░░░ year ago down by ░░░░░░░░ lot and used car ░░░░░░░░ were one of only ░░░░░░░░ of the 20 things ░░░░░░░░ CPI measures to decline ░░░░░░░░ only three out of ░░░░░░░░ fell and the other ░░░░░░░░ barely dropped This is ░░░░░░░░ used car pricing index ░░░░░░░░ but he uses called ░░░░░░░░ mannheim index in Pennsylvania ░░░░░░░░ maybe the problem Look ░░░░░░░░ the far right Used ░░░░░░░░ prices are on the ░░░░░░░░ again and back to ░░░░░░░░ they were last summer ░░░░░░░░ if you thought you ░░░░░░░░ get a break on ░░░░░░░░ price of a used ░░░░░░░░ right now it doesn ░░░░░░░░ look like it and ░░░░░░░░ could hurt the entire ░░░░░░░░ is coming down narrative ░░░░░░░░ can welcome the founder ░░░░░░░░ CEO of this research ░░░░░░░░ you and I were ░░░░░░░░ Twitter at the same ░░░░░░░░ last night separately talking ░░░░░░░░ this issue and people ░░░░░░░░ not care about used ░░░░░░░░ prices but they probably ░░░░░░░░ about inflation and if ░░░░░░░░ car prices go back ░░░░░░░░ what is that mean ░░░░░░░░ the CPI I think ░░░░░░░░ your point we have ░░░░░░░░ watching used car prices ░░░░░░░░ up in the index ░░░░░░░░ January and February and ░░░░░░░░ into half of March ░░░░░░░░ it just started to ░░░░░░░░ down but it lagged ░░░░░░░░ way through the CPI ░░░░░░░░ a six month period ░░░░░░░░ you don t see ░░░░░░░░ car pricing increase or ░░░░░░░░ in the CPI as ░░░░░░░░ did for a few ░░░░░░░░ so we actually will ░░░░░░░░ surprise potential especially in ░░░░░░░░ core in the report ░░░░░░░░ obviously they have not ░░░░░░░░ and anything I said ░░░░░░░░ it could be a ░░░░░░░░ and I would add ░░░░░░░░ quickly and 11 of ░░░░░░░░ is one of the ░░░░░░░░ places in the nation ░░░░░░░░ we have seen rising ░░░░░░░░ We will also see ░░░░░░░░ filter through higher than ░░░░░░░░ in the consumer pricing ░░░░░░░░ A lot of our ░░░░░░░░ are coming back and ░░░░░░░░ why do I care ░░░░░░░░ used car prices and ░░░░░░░░ you care about the ░░░░░░░░ market and maybe they ░░░░░░░░ looking for a pretty ░░░░░░░░ number and if we ░░░░░░░░ rolling the dice on ░░░░░░░░ and Goldman Sachs said ░░░░░░░░ stock market could boom ░░░░░░░░ slump 2 based on ░░░░░░░░ the CPI comes in ░░░░░░░░ did see that If ░░░░░░░░ are rolling the dice ░░░░░░░░ banking everything on used ░░░░░░░░ prices that is a ░░░░░░░░ racking thought It is ░░░░░░░░ throughout the entire pandemic ░░░░░░░░ largest driver of the ░░░░░░░░ price index was used ░░░░░░░░ and as small as ░░░░░░░░ were they had an ░░░░░░░░ effect on CPI and ░░░░░░░░ is where it isn ░░░░░░░░ transitory and high inflation ░░░░░░░░ stay around for long ░░░░░░░░ We settled into that ░░░░░░░░ on used cars and ░░░░░░░░ will come back with ░░░░░░░░ vengeance even though they ░░░░░░░░ said in April they ░░░░░░░░ seen used car prices ░░░░░░░░ fall and they showed ░░░░░░░░ dealer applications to finance ░░░░░░░░ new or used car ░░░░░░░░ 23 year over year ░░░░░░░░ the first week of ░░░░░░░░ Again we won t ░░░░░░░░ that in that report ░░░░░░░░ most markets closed today ░░░░░░░░ a wish and a ░░░░░░░░ It is about the ░░░░░░░░ honda accord and that ░░░░░░░░ control what the Fed ░░░░░░░░ By that extended warranty.