Wall Street is so happy that inflation has moderated.

Wait, it moderated?

The inflation you and I are feeling at the gas pump and the grocery store is not moderate. Yet stocks are surging right now because the overall consumer price index went up only 0.2 percent in April. That's less than 0.3 percent rise in March. The Dow's up more than 120 points at lunchtime.

The real cost of living is soaring, no matter what the CPI says. And we're all trying to adjust.