September's data is confirming what forward-looking metrics predicted: rental costs and shelter expenses are finally aligning with real-time third-party indices. Both are cooling rapidly.

This tracks with the broader disinflation narrative gaining traction among macro analysts. The expectation? CPI continues its downward trajectory into 2026. What started as headline inflation driven by supply-chain chaos is now giving way to underlying structural cooling in housing-related costs—historically the sticky component.

For markets sensitive to rate cycles and macro conditions, this matters. If the thesis holds, we're looking at a different policy environment as we head into next year. The question becomes whether this translates to actual monetary easing or whether central banks remain cautious despite the numbers.