The growth data continues to be constructive, and inflation continues to flatline. Here are my takeaways from the past week: CPI was tame. Very tame. We downticked to 1.7% yoy in core CPI. To put another spin on that, the top three major subcategories that are above 1.7% yoy are: (1) Medical care commodities +3.9% yoy, (2) Shelter + 2.9% yoy and (3) Medical care services +2.5% yoy. Those make up 52% of core CPI. I had previous written why I thought these were less relevant items. So there continues to be no inflation. Yellen was her usual dovish-leaning self….