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Inflation Watch — June 15, 2005

Inflation Watch Update The attached tables update inflation rates through May 2005. Also, note our comments with special attention to Housing and Owners’ Equivalent Rent inflation statistics. We believe the next great secular trend in inflation will emerge from the housing sector.

Open Inflation Watch Update
The attached tables update inflation rates through May 2005. Also, note our comments with special attention to Housing and Owners’ Equivalent Rent inflation statistics. We believe the next great secular trend in inflation will emerge from the housing sector.