Bob Elliott
· Nonconsensus
· August 12, 2026 at 10:48
| Read on Substack ↗
Summary
Rent growth at cycle lows is the key evidence that the recent inflation scare is an "imaginary boogeyman" rather than a real reacceleration. Because shelter is a large CPI component, subdued rent growth points to continued disinflation, which is supportive for rate-sensitive assets and challenges inflation-hedge narratives.
•Financial Twitter chatter about inflation has increased sharply over the last couple months, according to the author.
•Rent growth, a major driver of shelter inflation, remains at cycle lows, suggesting CPI pressures have faded.