I have seen few, if any, concrete indications that support this expectation, and I will need to see unambiguous evidence of this decline before I incorporate an easing of inflation pressures into my outlook.
Many of the underlying causes of excessive inflation are the same as they have been over the past year or so—supply chain issues, including those related to China’s  -2COVID containment policies, constrained housing supply, the ongoing conflict in Ukraine, fiscal stimulus, and limitations on domestic energy production.