Check out what's happening to new lease rents in the CPI's rent survey (which is critical component of Shelter inflation estimates): The cold plunge in new lease rents is even deeper than what most private data sources are showing.
For full disclosure I am in the "lower inflation" camp, BUT I must admit that I see a lot of leading indicators of inflation that are pointing higher ... at least for a quarter or two. This could have MAJOR implications for the Fed in 2024.
In this case looking at a different metric still leads to the same general conclusion: relative to the rest of the world, the US equity market is the most expensive.
So what you are showing is the the US magnificent 7 could offer shares and buy the entire Chinese stock market or ANY other market globally and steal their sovereignty.
