So you prefer backward looking to forward looking metrics then. That's not useful from a policy perspective. The Fed is meant to head off inflationary pressure

So you prefer backward looking to forward looking metrics then. That's not useful from a policy perspective. The Fed is meant to head off inflationary pressures. If they take a full year to materialize in the data, that's a flawed metric IMO. A 20% market rate rent increase will almost by definition feed into a 20% rent increase for everybody in the longer run. The market rate rent will dictate rents for all over the longer run. Yes, maybe 10% of the population got a good deal on their renewal or whatever. Including that information is not useful or helpful from a policy perspective. At the very least, they should produce two figures. Market rate CPI and existing tenant CPI.