Ate my fill, so here's an extra thought. Some folks say the Fed only looks at core CPI and doesn’t care about broad CPI. That’s about 30% correct. First off, the Fed actually looks at core PCE. Second, it’s true they don’t pay much attention to regular CPI, but even though oil isn’t part of core PCE, oil prices impact every industry out there. Lastly, inflation driven by rising oil prices can’t just be ignored. For example, when oil prices go up, transportation costs rise, travel expenses increase, food prices go up (and food isn’t in core PCE either), service costs rise, and so on. So, inflation driven by rising oil prices can’t just be analyzed through core PCE, and definitely not just through core CPI.