DoubleLine’s Jeff Mayberry and Samuel Lau cover in the question of the week how shelter is tracked as a service for homeowners via the use of the owner’s equivalent rent (OER) component of the Consumer Price Index (CPI) and the imputed rental value component of the personal consumer expenditures (PCE) index (starts at 12:55). The duo looks at how OER and imputed rental value impact inflation metrics, noting that the PCE index is the Federal Reserve’s preferred inflation gauge. Plus, they review the April 26-30 market week, voicing an appreciation for Fed Chair Jerome H. Powell’s deft hand with a ho-hum press conference.
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