Hassett is fading the headline inflation print. He argues the macro narrative is being distorted by a transient gas price spike, masking genuine micro-level disinflation from supply-side fixes in ag (eggs, beef) and pharma. The core signal is that underlying price pressures are easing. This is a dovish tell, suggesting the Fed is looking past the energy noise. The trade is to look for signs of energy prices rolling over to front-run a pivot.