The Consumer Price Index, which is a measure of the average change over time in the prices paid for a basket of goods and services, increased 8.5% over the last 12 months. This is the largest 12-month increase since December 1981! As a result, the main question becomes: Is this peak inflation? If it is, the follow up question becomes: When will the market price in that inflation has peaked?

For the week ahead, we get a bunch of housing data. With a 30-year fixed rate mortgage now greater than 5%, how does the housing market react in the months ahead? This is important because housing is a big source of growth due to knock-on effects. Realtors’ commissions increase their discretionary spending; rising sales mean more homes need to be inspected and insured. New homes need to be furnished and existing homes tend to be updated and personalized once the new owners move in.