Tom Lee @fundstrat is spot on about inflation data coming down over the next 6 months. • Change in how PCE is calculated (01:36). - PCE is the Fed's preferred inflation measure. On Sept 30 the government changes how it's calculated, which he says takes 20 to 40 basis points off the yearly rate, so "3.4 could be 3%." • Tariffs fading (01:50). - The one-time price jump from tariffs drops out of the yearly comparison. • Memory chip prices fading (01:52). Rate if inflation slows. • Stock-market portfolio fees fading (01:57). - Fund-management fees, which rise with stock prices and count in PCE, stop adding pressure. • Oil stops adding to the yearly rate (02:00). - If oil holds near current prices, it adds nothing to the yearly number in six months. He says it would take oil near $150 to push inflation back up. • Higher rates holding down housing (02:06). - He argues housing would have to get more expensive to push inflation up, and higher rates prevent that. Call him a perma 🐂 if you like. But time will show the truth