CHART OF THE DAY: A Blind Macro Squirrel Could See This

How about what not only got ZERO headline “news” yesterday but is one of the Top 3 Drivers of our US INFLATION Nowcasts for the coming months and quarters: US HPI (Home Price Inflation):

A) US National Home Price Inflation #accelerated to an eye-popping +19.7% year-over-year growth in July…
B) That’s up from the prior record of +18.6% growth and that’s against EASING base effects

As even the Blind Macro Squirrel can probably see (if you whisper our numbers driven narrative in their ear) on slide 40 of last week’s Q4 Macro Themes deck, HPI leads US Inflation’s (CPI) OER (Owner’s Equivalent Rent) by 6-12 months.