Housing prices are up 9.2% in the ten U.S. major metro areas in the past year, notes Vincent Deluard. He talks about how immigration lowered wage pressures, but soaring insurance premiums are the new driver of service inflation. He then goes over how shipping costs are shrinking again and the Trump tariffs are equivalent to an import tax of 1.4% of GDP. Tune in to find out more about the stock market today.