Maybe. Keep in mind that: (1) the war in Ukraine, which could further disrupt multiple commodity markets (energy, grains, minerals), is still ongoing; (2) many

Maybe. Keep in mind that: (1) the war in Ukraine, which could further disrupt multiple commodity markets (energy, grains, minerals), is still ongoing; (2) many global supply-chain issues have not yet been fully resolved; (3) many services that renew annually, including apartment rentals and most information/entertainment services, have not yet raised prices on all customers; and (4) we don't know the extent to which second- and third-order inflationary effects are still propagating, globally. Also, keep in mind that in the past, central banks like the Fed have typically reacted too slowly and too late to control inflationary forces before things got too out of hand, which ended up being much worse for everyone. This time around, I'd much rather have the Fed and other central banks err on the side of over-tightening and causing a short-lived recession than under-tightening and fighting inflation in fits and starts for a decade, as has been the case in the past.