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  "notes": "The chart shows a dual-axis time series comparing leading rental indicators (left axis) with CPI shelter inflation (right axis).",
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      "text": "Leading indicators of rental prices have historically led headline shelter inflation by about one year.",
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      "text": "Leading indicators of shelter inflation (LH) and U.S. CPI shelter component (RH)",
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      "text": "CPI Shelter YoY (%): 4.6%",
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      "text": "The shelter component of U.S. CPI has remained elevated during 2024, ending the year at ~4.6%. Various leading indicators have historically led the headline data by roughly one year, and recent trends suggest that headline shelter inflation should continue lower in 2025.",
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      "text": "Source: Macrobond, MSIM. As of December 31, 2024. The views and opinions expressed are those of the Portfolio Solutions Group at the time of writing/of this presentation and are subject to change at any time due to market, economic, or other conditions, and may not necessarily come to pass. Forecasts/estimates are based on current market conditions, subject to change, and may not necessarily come to pass. Past performance is no guarantee of future results.",
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      "text": "Leading Indicators Suggest a Continued Moderation in Shelter Inflation",
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