The year-on-year was (up) 2.2 percent. That is a change and that is worrisome for the Fed. You would expect a bit of a sell-off in the bond market.

If you want to truly understand something, try to change it.

We do what we do well. We don't want to change that.

We have a housing valuation issue. The time is now for raising interest rates and defusing these problems potentially by slowing down the economy a bit and avoiding a big necessary increase later and a consequential recession.

This is O.K. news on inflation, ... There is no major worry here. No components are rising rapidly.

My view on inflation is we'll continue to get reports like this, and the biggest numbers we'll get are 0.1s and 0.2s, ... U.S. consumers just turn it off when they see the prices go up, as happened last month with cars, so it's going to be hard for retailers to sustain any major price increases.