Like many, they home in on the outsized drop in used-car prices - one of the key aggravators of 'core' inflation that at 4.8% is still well above the now sub-3% headline CPI rate.
Pointing to four straight months of ebbing 'trimmed mean' inflation measures of core inflation - which strip out high and low outliers - the Morgan Stanley team doubt June was a bum steer and see core disinflation more "a trend rather than a headfake".
Inflation surprisesFed estimates of R* natural interest rateReuters Graphics Reuters GraphicsR-STAR GAZINGOthers doubt the optimism, of course.
And it's the latter that homes in on the prospect of an inflation undershoot.
Further Fed tightening after this month, then, could well see markets start to consider inflation actually undershooting 2% targets after all - but dragging recession back onto the dashboard to boot.
Persons:
it's, Morgan Stanley, Christopher Waller, Guneet Dhingra, Allen Liu, Janet Yellen jived, Mike Dolan
Organizations:
Federal Reserve, Reuters, Barclays, Global, Bank of America, Treasury, Twitter, Thomson
Locations:
Ukraine, Intriguingly