Some facts. Back of the envelope objective analysis. BLS OER .. Mom annualized 4.7% 3M annualized 3.9% Market Based data. Case-Shiller 20 4M annualized-3.4% Replacing for BLS Shelter : CPI 0.54% Cleveland Fed New Rent YoY -9.3% Replacing for BLS shelter: CPI -1.67%