US stocks took a nasty turn downward after the Bureau of Labor Statistics announced a higher-than-expected 7.5% jump in consumer prices over the last 12 months, the worst inflation in forty years. The month’s gain of 0.6% for the Consumer Price Index also translates into an annual rate of 7.5%. Most worrying about the inflation report was the dog that didn’t bark, namely shelter inflation. Although the shelter component of the Consumer Price Index did rise in January, it showed an annualized rate of just 3.7%, much lower than the nearly 20% price gains for home prices and 13% hikes in residential rents during the past year.