The author argues that CPI cooling from 2.5% to 2.4% YoY means markets will melt up because YoY inflation is cooling, and that the 'priced in' crowd misunderstands how CPI works. He contends Iran-related effects will take well over a year to indirectly affect markets, by which time yields will have crashed and nobody will remember. He states he would favor a rate cut if he were at the Fed, implying easier policy supports equities.