Last week's CPI report was surprisingly dovish because, as we have discussed extensively in the past two years, rent inflation - which is the biggest variable in the CPI's biggest category (shelter) - has turned, and is now decelerating sharply. Recall that it was two years ago when we first warned that contrary to the CPI report's subdued and badly lagging prints, rental inflation when observed using real-time indicators such as Apartment List, Zillow, or Real Page - was soaring out of control...