Morgan Stanley's Gapen Expects Inflation to Peak in May or June

What catches your eye looking at this report. Well, there's some hints of second round effects of higher energy prices on core. So those airline numbers, the food at home numbers, there's also kind of spillage into headline through food because a lot of food prices are related to transportation costs.And so the concern here, the assumption here, I think, from the Fed's point of view and ours is that oil prices tend to give you headline effects but not core effects. And there's at least at the moment, given ...