The Phantom CPI: Flying Blind on Fake Inflation Data
The January 2026 Consumer Price Index (CPI) reported inflation at 2.4%. But the number is a ghost. A 43-day government shutdown erased October data collection, forcing the Bureau of Labor Statistics (BLS) to use carry-forward estimates that create an artificial downward bias through April 2026. The Fed, bond markets, and mortgage rates are all calibrated to a broken gauge.
