progree

progree's Journal

May 19, 2024

Zombie 2nd mortgages are coming to life, threatening thousands of Americans' homes, NPR, 5/18/24

https://www.mprnews.org/story/2024/05/10/npr-zombie-second-mortgages-homeowners-foreclosure

It's impossible to meaningfully excerpt 4 paragraphs or 5 or 6, so here is MY DESCRIPTION of this long article

PROGREERIAN DESCRIPTION OF LONG ARTICLE

For example, a lot of 2nd mortgages were issued in the housing bubble years when homebuyers didn't have enough money to make the down payment, so they were given a 2nd mortgage to make the down payment in what was known as an 80/20 loan

Home owners were told that these 2nd mortgages were forgiven in loan modifications in the housing bust years, and the 2nd mortgage company stopped sending statements,

but really they weren't forgiven, and now that home values have doubled and more, debt scavengers who bought up bundles of mortgages including these 2nd mortgages, e.g. First Amercian National, are collecting on them -- by foreclosing on the homes if the homeowners don't pay up on the 2nd mortgages that have in some cases doubled or more because of hefty interest and late fees.

But since I'm allowed 4 paragraphs, might as well:

...the terms of many of those housing-bubble-era mortgages had a time bomb inside them. After two years, the interest rates on the loans were set to explode and go up much higher. ... In 2007, McDonough's first mortgage adjusted, and the monthly payments were suddenly $700 a month higher, which she couldn't afford.

This was happening to millions of Americans. It was happening to so many that the federal government launched a nationwide intervention — a loan modification program to save at least some people from foreclosure. In 2008, McDonough was able to get her first mortgage modified to lower the interest rate and make it affordable again.

... McDonough says her mortgage company told her not to worry about the second mortgage anymore, that it was written off and forgiven.

"I was talking to a representative ... and he told me I would never have to make a payment again on the second mortgage," she said. "And I just didn't question any of it 'cause I was so grateful that the loan was modified." ... The same company had given her both mortgages. She says that after a while she stopped getting statements on the second mortgage. She thought it was dead. Then, in 2020, she received a letter in the mail from a company she had never heard of, First American National. It said she owed the company money. ...

They eventually foreclosed on her home, but she is still living there, fighting in a class action lawsuit because they (the mortgage company and First American National, the mortgage bundle buyer), didn't follow all the rules. For example, Regulation Z, which is part of the Truth in Lending Act. It requires that monthly statements be sent if there is interest assessed on a mortgage.

and First American National was fined in 2022 by the state of Massachusetts (the state where McDonough lives in her foreclosed home) for operating as unlicensed debt collectors. ... it was ordered to stop. McDonough's lawyers allege it then foreclosed on her house anyway, in violation of that agreement.

PROGREERIAN COMMENTARY (at last something short)

I helped a friend get a loan modification in 2008 or thereabouts, so I'm now wondering if there is something in all that we did that might leave her vulnerable to the greed bangers.

May 15, 2024

Graphs: PCE, CPI, PPI: 3 month rolling average and monthly changes: both regular and Core

I've been seeing some mischaracterizations of the recent inflation situation in the media, so here is a summary table followed by the graphs.

I annualize them all to be easy to compare to each other, and to compare to the FED's 2% goal. I use the actual index values rather than the one-digit changes that are commonly reported in the media. Links to the data are with the graphs.

ALL the numbers are the seasonally adjusted ones

The "1 month" number is the change from March to April expressed as an annualized number. (Exception: The PCE is from February to March -- they don't update their number for April until late in May)

The "3 month" number is the growth over the last 3 months (and then annualized). It is calculated based on the change in the index number between the latest one and the one 3 months previous. e.g. if the latest index value is 304 and the one 3 months previous is 300, then the 3 month increase is 1.333333%
. . . (304/300 = 1.01333333 => [subtract 1 and multiply by 100%] => 1.333333%)
Annualized, it is 5.4%
. . . (1.01333333^4 = 1.0544095 => [subtract 1 and multiply by 100%] => 5.44095% => 5.4%).
. . . Most people just multiply the 3 month increase by 4 to annualize it: 1.333333%*4 = 5.333333% => 5.3% which isn''t technically correct (it leaves out compounding) but it is close for small percentage changes.

"Regular" is the "headline" number that has "everything"

"Core" is the regular with food and energy removed (The Fed prefers this as a basis for projecting FUTURE inflation)

Finally, the main summary table
All are seasonally adjusted and annualized
PCE-Personal Consumption Expenditures Price Index (Fed's favorite inflation measure)
CPI-Consumer Price Index (retail)
PPI-Producer Price Index (Wholesale prices)
Links to the data are with the graphs below

Average real (i.e. inflation-adjusted) hourly earnings are up over the past 2 years and are above the pre-pandemic level:
. . . # Real average hourly earnings of production and non-supervisory workers: https://data.bls.gov/timeseries/CES0500000032
. . . # Real average hourly earnings of private sector workers: https://data.bls.gov/timeseries/CES0500000013

And now the graphs, in the following order:

* Core PCE and Regular PCE (Core PCE is the Fed's favorite for projecting FUTURE inflation)

* Core CPI and Regular CPI

* Wholesale inflation - Core PPI and Regular PPI

CORE PCE through *March* that came out 4/26/24
CORE PCE (seasonally adjusted): https://fred.stlouisfed.org/series/PCEPILFE
BEA.gov News release: https://www.bea.gov/ and click on "Personal Income and Outlays" or "Personal Income"

This is the one that the Fed weighs most heavily. The Fed weigh the PCE more heavily than the CPI. And in both cases, they weigh the CORE measures higher than the regular headline measures for projecting FUTURE inflation

Regular PCE through *March* that came out 4/26/24
Regular PCE (seasonally adjusted): https://fred.stlouisfed.org/series/PCEPI
BEA.gov News release: https://www.bea.gov/ and click on "Personal Income and Outlays" or "Personal Income"

CORE CPI through April that came out 5/15/24
CORE CPI (seasonally adjusted) http://data.bls.gov/timeseries/CUSR0000SA0L1E
BLS CPI news release: https://www.bls.gov/news.release/cpi.nr0.htm

The Regular aka Headline CPI through April that came out 5/15/24
Regular CPI (seasonally adjusted) https://data.bls.gov/timeseries/CUSR0000SA0
BLS CPI news release: https://www.bls.gov/news.release/cpi.nr0.htm

WHOLESALE INFLATION (PPI - the Producer Price Index)

https://www.bls.gov/news.release/ppi.nr0.htm

As for which core PPI measure, since the BLS highlights the one below in its reporting (as opposed to the one without food and energy), then I guess I should do likewise.

CORE PPI (excluding food, energy, trade services) through April that came out 5/14/24:
CORE PPI (seasonally adjusted) http://data.bls.gov/timeseries/WPSFD49116

===========================================================

Regular PPI through April that came out 5/14/24 ( includes "everything" ):
Regular PPI (seasonally adjusted) http://data.bls.gov/timeseries/WPSFD4

May 14, 2024

Producer Price Index (PPI). aka Wholesale Price Index, May 14, 2024. Graphs.

CORE PPI (without food, energy, & trade services):
. . . April: +0.4% (ughh)
. . . Last 12 months: +3.1% (biggest gain in the 12 month number since April 2023);

Regular PPI:
. . . April: +0.5% (uggh)
. . . Last 12 months: +2.2% (biggest gain in the 12 month number since April 2023);

This is disappointing in that the PPI is generally the lowest of the 3 inflation measures that I follow (CPI, PCE, PPI).

The 12 month numbers are nice (core +3.1%) and excellent (regular PPI +2.2%). Unfortunately the more recent month-over-month numbers are generally quite a bit higher than the earlier numbers. So the trend isn't good.

As for the graphs: Since the core measures are what the Fed focuses mainly on as a base for projecting FUTURE inflation, I'll present it first, followed by the regular "headline" PPI.

As for which core PPI measure (there are two core measures), since the BLS highlights the one below (without food, energy, and trade services) in its reporting (as opposed to the one without food and energy), then I guess I should do likewise.

https://www.bls.gov/news.release/ppi.nr0.htm

BLS Data Series CORE PPI (excluding food, energy, trade services): http://data.bls.gov/timeseries/WPSFD49116

On the 3 month: A nice little downturn for 2 months as big increases in Dec'23 and Jan'24 drop out of the 3-month window.
Unfortunately the new April'24 number is over 5% annualized - the worst of the 13 months shown with the exception of January.
===========================================================

BLS Data Series Regular PPI ( includes "everything" ): http://data.bls.gov/timeseries/WPSFD4

It's not a pretty picture.

EDITED TO ADD 10:45 AM ET:

The other inflation graphs are at: https://www.democraticunderground.com/10143231474#post1

(It also has the PPI graphs that were made BEFORE today's update. I think I'll wait until the CPI report comes out tomorrow before producing the latest all-three inflation measures graphs somewhere).

There's also an LBN thread on the latest PPI report: https://www.democraticunderground.com/10143240265

April 26, 2024

Graphs: PCE, CPI, PPI: 3 month rolling average and monthly changes: both regular and Core

REGULAR 3 month: 4.4%, REGULAR 1 month: 3.9%; CORE 3 month: 4.4%, Core 1 month: 3.9%;

4/10/24 CPI-Consumer(retail) inflation

REGULAR 3 month: 4.6%, REGULAR 1 month: 4.6%; CORE 3 month: 4.5%, Core 1 month: 4.4%;

4/11/24 PPI (Wholesale prices)

REGULAR 3 month: 4.4%, REGULAR 1 month: 1.9%; CORE 3 month: 4.7%, Core 1 month: 2.5%;

. Average real (i.e. inflation-adjusted) hourly earnings are up over the past 2 years and are above the pre-pandemic level:
. . . # Real average hourly earnings of production and non-supervisory workers: https://data.bls.gov/timeseries/CES0500000032
. . . # Real average hourly earnings of private sector workers: https://data.bls.gov/timeseries/CES0500000013

And now the graphs, in the following order:

* Core PCE and Regular PCE (Core PCE is the Fed's favorite for projecting FUTURE inflation)

* Core CPI and Regular CPI

* Wholesale inflation - Core PPI and Regular PPI

CORE PCE through March that came out 4/26/24
CORE PCE: https://fred.stlouisfed.org/series/PCEPILFE

This is the one that the Fed weighs most heavily. The Fed weigh the PCE more heavily than the CPI. And in both cases, they weigh the CORE measures higher than the regular headline measures for projecting FUTURE inflation

Regular PCE through March that came out 4/26/24
PCE: https://fred.stlouisfed.org/series/PCEPI

CORE CPI through March that came out 4/10/24

http://data.bls.gov/timeseries/CUSR0000SA0L1E

The Regular aka Headline CPI through March that came out 4/10/24
https://data.bls.gov/timeseries/CUSR0000SA0

WHOLESALE INFLATION (PPI - the Producer Price Index)

https://www.bls.gov/news.release/ppi.nr0.htm

As for which core PPI measure, since the BLS highlights the one below in its reporting (as opposed to the one without food and energy), then I guess I should do likewise.

CORE PPI (excluding food, energy, trade services) through March that came out 4/11/24: http://data.bls.gov/timeseries/WPSFD49116

===========================================================

Regular PPI through March that came out 4/11/24 ( includes "everything" ): http://data.bls.gov/timeseries/WPSFD4

April 19, 2024

Some index funds are mutual funds, and some are ETF's. And there are actively managed ETFs and mutual funds

It used to be that almost all ETFs were index funds, while most mutual funds were actively managed funds. But there have been mutual fund index funds since the 70's. And a growing proportion of ETFs are actively managed.

Actively managed means that an individual or team tries to pick the best stocks to buy and sell, and so tend to be more expensive (higher expense ratio) than index funds where they work to match what's in the benchmark they are indexing.

Examples (both are S&P 500 index funds at Vanguard):

VOO - an ETF - Expense Ratio: 0.03% https://investor.vanguard.com/investment-products/etfs/profile/voo#overview
3 year performance: 11.42% (annualized)

VFIAX - A mutual fund - Expense Ratio: 0.04% https://investor.vanguard.com/investment-products/mutual-funds/profile/vfiax#overview
3 year performance: 11.44% (annualized)

Unfortunately, I can't find the expense ratio to more than single significant digits accuracy, but even if they are indeed 0.01% difference, that's $1 per $10,000 invested per year.

Personally I prefer mutual funds over ETFs because I like that the former are bought and sold at Net Asset Value (NAV), whereas an ETF trades at a varying premium or discount to NAV. But I own both mutual funds and ETFs.

One should use limit orders to purchase or sell ETFs as their price can swing considerably during the day above and beyond changes in the underlying NAV. ETFs are traded throughout the trading day, sometimes resulting in sizable bid-ask spreads, particularly for the smaller more specialized ETFs.

OTOH, ETFs have some tax advantages as they aren't forced to distribute capital gains as much as mutual funds are. I'm not clear how that works, but I don't doubt that's the situation.

For funds held within retirement accounts like 401k's and IRA's (both traditional and Roth), there is no difference between the two as far as taxes.

April 17, 2024

Higher inflation expectations causes bond yields to rise, and causes bond prices to fall.

Bond prices always move in the opposite direction to yields.

"why would people be SELLING Treasuries?"

For example, a few days ago I found the purchasing power of an S&P 500 equity fund (VFIAX) is up 12.90%, while that of the VCOBX bond fund (mixed government and corporate bonds, intermediate term) is down 21.78% in the 3 years to 4/9/24. (Edited to add: Those are total returns, including reinvested dividends and interest, and then adjusted for inflation /end edit). People just don't want any more of that kind of punishment.

As an old person, I have a 60%-40% equities to fixed income allocation. The portfolio has been massacred on the fixed income side of things (most of my fixed income holdings are intermediate term bond funds. VCOBX -- Vanguard Core Bond Fund -- is one of my holdings).

EDITED TO ADD:

https://www.investopedia.com/articles/bonds/09/bond-market-interest-rates.asp

Inflation is a bond's worst enemy. Inflation erodes the purchasing power of a bond's future cash flows. Typically, bonds are fixed-rate investments. If inflation is increasing (or rising prices), the return on a bond is reduced in real terms, meaning adjusted for inflation. For example, if a bond pays a 4% yield and inflation is 3%, the bond's real rate of return is 1%

In other words, the higher the current rate of inflation and the higher the (expected) future rates of inflation, the higher the yields will rise across the yield curve, as investors will demand a higher yield to compensate for inflation risk.

Note that Treasury inflation-protected securities (TIPS) ((and I-bonds -Progree)) can be an effective way to offset inflation risk while providing a real rate of return guaranteed by the U.S. government.7 As a result, TIPS can be used to help battle inflation within an investment portfolio..

1/4 of my fixed income allocation is in TIPS and I-bonds. This is the part of my fixed income portfolio that isn't suffering.

When inflation heats up, some of the money that would have gone into bonds goes into commodities or commodity-related stocks like oil and gas companies. The lower demand for bonds causes bond prices to fall and the bad cycle for bonds begins. Some other bond money shifts to very short maturity investments like money market funds.

April 14, 2024

Inflation in the last month and last 3 months, graphs and all. PCE, CPI, PPI. Regular and Core

REGULAR 3 month: 3.4%, REGULAR 1 month: 4.1%; CORE 3 month: 3.5%, Core 1 month: 3.2%;

4/10/24 CPI-Consumer(retail) inflation

REGULAR 3 month: 4.6%, REGULAR 1 month: 4.6%; CORE 3 month: 4.5%, Core 1 month: 4.4%;

4/11/24 PPI (Wholesale prices)

REGULAR 3 month: 4.4%, REGULAR 1 month: 1.9%; CORE 3 month: 4.7%, Core 1 month: 2.5%;

Edited to Add:
. Average real (i.e. inflation-adjusted) hourly earnings are up over the past 2 years and are above the pre-pandemic level:
. . . # Real average hourly earnings of production and non-supervisory workers: https://data.bls.gov/timeseries/CES0500000032
. . . # Real average hourly earnings of private sector workers: https://data.bls.gov/timeseries/CES0500000013

And now the graphs, in the following order:

* Core CPI and Regular CPI

* Core PCE and Regular PCE (Core PCE is the Fed's favorite for projecting FUTURE inflation)

* Wholesale inflation - Core PPI and Regular PPI

CORE CPI

http://data.bls.gov/timeseries/CUSR0000SA0L1E

The Regular aka Headline CPI
https://data.bls.gov/timeseries/CUSR0000SA0

CORE PCE through February that came out 3/29/24
CORE PCE: https://fred.stlouisfed.org/series/PCEPILFE

This is the one that the Fed weighs most heavily. The Fed weigh the PCE more heavily than the CPI. And in both cases, they weigh the CORE measures higher than the regular headline measures for projecting FUTURE inflation

Regular PCE through February that came out 3/29/24
PCE: https://fred.stlouisfed.org/series/PCEPI

WHOLESALE INFLATION (PPI - the Producer Price Index)

https://www.bls.gov/news.release/ppi.nr0.htm

As for which core PPI measure, since the BLS highlights the one below in its reporting (as opposed to the one without food and energy), then I guess I should do likewise.

BLS Data Series CORE PPI (excluding food, energy, trade services): http://data.bls.gov/timeseries/WPSFD49116

===========================================================

BLS Data Series Regular PPI ( includes "everything" ): http://data.bls.gov/timeseries/WPSFD4

April 14, 2024

I don't know what Al Gore was getting at, but in his day, before, and today, SS is invested in the safest investment

in the world, namely U.S. Treasury securities.

BY LAW, each year the surpluses are loaned to the federal government

and no, that didn't start with Reagan. Nor did it start with LBJ. It has been that way from the beginning.

The government in turn creates special issue treasury securities that are deposited in the Social Security and Medicare trust funds. These earn interest -- paid in the form of more special issue treasury securities. In a year when Social Security revenues fall short of benefits then trust fund securities are redeemed to make up the difference. This is already occurring:

"At the end of 2021, Social Security’s trust fund reserves were $2,852 billion, having decreased by $56 billion over the year." - Source: 2022 Trustees report, https://www.ssa.gov/OACT/TRSUM/2022/index.html

Similarly the Medicare Trust fund.

Anything you read about "pilfering" of the programs is literal fucking bullshit.

Social Security Trustees 2022 report -- https://www.ssa.gov/OACT/TRSUM/2022/index.html
from the above link:

Federal law requires that the Trustees invest all excess funds in interest-bearing securities backed by the full faith and credit of the United States. The Department of the Treasury currently invests all program revenues in special non-marketable U.S. Government securities, which earn interest equal to rates on marketable securities with durations defined in law. The balances in the trust funds, which represent the accumulated value, including interest, of all prior program annual surpluses and deficits, provide automatic authority to pay benefits.

(By the way, the 4 trustees are all high level Biden administratrion appointees. This isn't a report by right wing economists or the right wing media or such)

The report is signed by:

Janet Yellen, Secretary of the Treasury, and Managing Trustee of the Trust Funds.
Xavier Becerra, Secretary of Health and Human Services, and Trustee.
Martin J. Walsh, Secretary of Labor, and Trustee.
Kilolo Kijakazi, Acting Commissioner of Social Security, and Trustee.

(and if some idiot says, well what do you expect liberal Democrats to say? Well, the same language is in Trump era SS Trustees reports too, for example this snapshot from 2019: https://web.archive.org/web/20191125074043/https://www.ssa.gov/oact/trsum/ )

Actuarial Note #142 of January 1999 (how interest rate determined, the trust fund securities etc.) http://www.ssa.gov/OACT/NOTES/note142.html

And as the above said, they earn interest that goes into the trust funds and are invested in new treasuries.

If they were put in a "lock box", they wouldn't earn a fucking dime in interest or any other kind of earnings. So like I say, I don't know what Al Gore was getting at, to put it nicely.

I have treasuries too, about 10% of my investable assets. (I'm kinda old and invest conservatively with a 60% equity and 40% fixed income allocation).

I also suffer paying income tax on 85% of my SS benefits.

What makes it easier to stomach is that income taxes on SS benefits goes into Social Security, NOT into the general fund.

I agree with your OP that more, a lot more of this, should be paid by the billionaires and corporados.

December 12, 2023

CPI GRAPHS: Month-by month bar graph and rolling 3 months

though nowadays they look at things like "supercore service inflation" and core ex shelter and who knows what other series.

First the regular headline CPI number, and the regular month-by-month increases (rolling 3 months stuff comes later) :

After a frightening late summer jump, a nice downward trend to 0% in October and 0.1% in November

Now the CORE CPI number that the Fed is more interested in (though actually its the CORE PCE inflation gauge that historically has been their #1 gauge of underlying inflation trend to project FUTURE inflation)

It appears to have stabilized around a 0.25%/month average over the last 6 months. Actually the 6 month average, calculated using actual index numbers, is an annualized 2.90%.

CPI Rolling 3 month average thru November 2023:

For better accuracy, I calculate the rolling 3 months average using the actual index numbers, not the one digit monthly change numbers

A rolling 3 month helps smooth out month-to-month volatility, and since 3 months is an average of 3 data points, it is less likely to be dismissed as a "one off" like a single month's increase could be.

A big plunge as the August number (7.84% annualized) fell out of the 3 month average, while the November number (1.17% annualized) got added in. There likely will be another substantial drop next month when the Sepember number (4.85% annualized) drops out of .the 3 month average.

CORE CPI Rolling 3 month average thru November 2023:

It appears to have stabilized at a little above 3% annualized

The next Fed rate-setting meeting is December 12-13 (yes the anti-climatic big decision is tomorrow).

BLS CPI press release: https://www.bls.gov/news.release/cpi.nr0.htm

Various series:

CPI: https://data.bls.gov/timeseries/CUSR0000SA0&output_view=pct_1mth
CORE CPI: http://data.bls.gov/timeseries/CUSR0000SA0L1E&output_view=pct_1mth

For all BLS timeseries data, one can see the index values and other periods like rolling 3 month, rolling 6 month, rolling 12 months by clicking "More Formatting Options" on the upper right and then on the page that shows up, check the various checkboxes

REAL AVERAGE HOURLY EARNINGS of production and non-supervisory workers https://data.bls.gov/timeseries/CES0500000032 ,
. . . private workers: https://data.bls.gov/timeseries/CES0500000013

CPI excluding shelter - https://data.bls.gov/timeseries/CUUR0000SA0L2
. . . FRED: https://fred.stlouisfed.org/series/CUUR0000SA0L2
. . . Table 3 has CPI ex shelter, as well as Core ex shelter https://www.bls.gov/news.release/cpi.t03.htm

Rent (SA) https://data.bls.gov/timeseries/CUSR0000SEHA
Fred: (SA) Rent of Primary Residence in U.S. City Average https://fred.stlouisfed.org/series/CUSR0000SEHA
(NSA) https://fred.stlouisfed.org/series/CUSR0000SEHA

SA = Seasonally Adjusted, NSA = Not Seasonally Adjusted

November 14, 2023

GRAPHS: month-by month bar graph and rolling 3 months

though nowadays they look at things like "supercore service inflation" and core ex shelter and who knows what other series.

First the regular headline CPI number, and the regular month-by-month increases (rolling 3 months stuff comes later) :

After a frightening late summer jump, a nice downward trend to 0% in October (actually 0.04% which annualizes to 0.54%)

Now the CORE CPI number that the Fed is more interested in (though actually its the CORE PCE inflation gauge that historically has been their #1 gauge of underlying inflation trend to project FUTURE inflation)

After a bump-up in late summer, a nice move downward in October back to the June-July numbers.

CPI Rolling 3 month average thru October 2023:

For better accuracy, I calculate the rolling 3 months average using the actual index numbers, not the one digit monthly change numbers

A rolling 3 month helps smooth out month-to-month volatility, and since 3 months is an average of 3 data points, it is less likely to be dismissed as a "one off" like a single month's increase could be.

The big August & September jump hurt the 3 month average. As August and September fall out of the 3 month average in the coming one and two months, there should be a dramatic improvement.

CORE CPI Rolling 3 month average thru October 2023:

It has finally come down to about the 3% range. As August and September fall out of the 3 month average in the coming months, this may well improve considerably.

The next Fed rate-setting meeting is December 12-13.

BLS CPI press release: https://www.bls.gov/news.release/cpi.nr0.htm

Various series:

CPI: https://data.bls.gov/timeseries/CUSR0000SA0&output_view=pct_1mth
CORE CPI: http://data.bls.gov/timeseries/CUSR0000SA0L1E&output_view=pct_1mth

For all BLS timeseries data, one can see the index values and other periods like rolling 3 month, rolling 6 month, rolling 12 months by clicking "More Formatting Options" on the upper right and then on the page that shows up, check the various checkboxes

REAL AVERAGE HOURLY EARNINGS of production and non-supervisory workers https://data.bls.gov/timeseries/CES0500000032 ,
. . . private workers: https://data.bls.gov/timeseries/CES0500000013

CPI excluding shelter - https://data.bls.gov/timeseries/CUUR0000SA0L2
. . . FRED: https://fred.stlouisfed.org/series/CUUR0000SA0L2
. . . Table 3 has CPI ex shelter, as well as Core ex shelter https://www.bls.gov/news.release/cpi.t03.htm

Rent (SA) https://data.bls.gov/timeseries/CUSR0000SEHA
Fred: (SA) Rent of Primary Residence in U.S. City Average https://fred.stlouisfed.org/series/CUSR0000SEHA
(NSA) https://fred.stlouisfed.org/series/CUSR0000SEHA

SA = Seasonally Adjusted, NSA = Not Seasonally Adjusted

Profile Information

Gender: Male
Hometown: Minnesota
Member since: Sat Jan 1, 2005, 04:45 AM
Number of posts: 11,877

About progree

I'm a long-time resident of the Twin Cities area: S.E. Minneapolis 1977-1980 and Golden Valley 1980-present. I'm over 70. . . Lately I'm best known here for my inflation graphs - scroll down my journal a short ways until graphs appear. I'm a frequent contributor to the latest economic reports on LBN and Economy Group. . . I've been reducing my time on DU to deal with the piles on the floor (all kinds of mail and paper clutter) that accumulated while I was sick, and things that have long before that needed de-cluttering and organizing.

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