BREAKING: US CPI inflation is on track to exceed +5.0% as early as this year. Over the last 6 months, CPI inflation has averaged +0.4% on a MoM basis, with March and April readings as high as +0.9% and +0.6%, respectively. If this trend continues, this puts YoY inflation on pace to surge to +5.2% by the November midterms. That would be the highest level since February 2023 and more than double the February 2026 print. Even if monthly inflation prints ease to +0.3%, the YoY inflation rate would still rise to +4.4%, the highest since April 2023. Inflation is back in full swing.(The Kobeissi Letter)