Scott Bessent

You blame the data.

And there's always a lot of imputed data.

In any of these numbers, that's why we get revisions.

And I'm looking at I was looking at the numbers.

And paradoxically, the two things that I think are coming down the fastest, which are rent.

Also, it's known as the owner owner occupied funding or owner occupied rent.

That was actually up on the month.

I believe it is turned negative.

And then the other thing that was up was energy and gasoline, which we can, is an observable event that those prices have decreased substantially from September, October.

So I actually think it was a pretty accurate number.

Look, the BLS is problematic.

We've seen that the whole time.

I have no reason to believe that this is any less robust than any other data series.

And I would say with rent, with energy, that those are very large components that have turned down substantially that actually recorded a gain for that measurement period.

And gentlemen, I would also point you to Fed Governor Stephen Myron.

who came from CEA, who'll be going back to CEA probably in February or March, delivered a very robust speech at Columbia.

It was either a week or two ago, and he made some very interesting measurement points on inflation.

So one piece of the inflation component is financial services, and that goes up based on whether the stock market's up.

That's right.

When, in fact, portfolio management costs have come down, that it is showing an increase in costs.