This week George Goncalves, MUFG Head of U.S. Macro Strategy, recaps what he has learned from the various trips he has been on while visiting investors and how it compares to our house view. He also goes over his short-term views on inflation ahead of the all-important CPI report. In George’s view, just like the last NFP report captured some of the concerns that have been forming for quarters now (and something we have been flagging), what if shelter cost declines show up now and actually start driving CPI lower, just in time for a Fed that needs greater confidence before thinking about when to ease rates ahead.