The July CPI print is in — and while inflation is still running hot at 3.5% year-over-year, the details tell a more nuanced story. Spencer Gray and Griffin Haddad break down what’s really driving the number, why shelter data is lagging reality, and what it means heading into the Fed’s September meeting.

Plus: the July Yardi Matrix national multifamily report just posted its best July rent growth since 2015, and the Midwest is leading the charge. And Gray Capital officially launches DealSpoke — the AI-powered deal room reshaping how sponsors raise capital.

In this episode:
📊 July CPI comes in at 3.5% (2.5% core) — energy remains the biggest driver
⛽ Energy prices up nearly 15%, tied to Strait of Hormuz disruptions and geopolitical risk
🏠 Why shelter/OER data in CPI is lagging real-time rent trends
🏢 Yardi Matrix July report: rents hit $1,771, the strongest July gain since 2015
📍 Midwest and Gateway markets (Indianapolis, Columbus, Kansas City, NYC, SF) lead rent growth
📉 Softest markets — Austin, Denver, Phoenix, Tampa, Houston — show early signs of stabilizing
🔮 A look ahead to 2027: what a lower-rate environment could mean for deal flow
🚀 Introducing DealSpoke: an AI-powered interactive deal room replacing static pitch decks

A shorter, more focused episode — packed with the data and context that matter most this week.

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