> ...and we're still in high inflation. This actually isn't true. On a month-over-month basis CPI was negative. If you look at the three-month moving average,

> ...and we're still in high inflation. This actually isn't true. On a month-over-month basis CPI was negative. If you look at the three-month moving average, it's pretty clear the inflation crisis is over at least for now. The annual 6% number or whatever is the wrong thing to look at, look at month over month numbers. The Fed's goal isn't to zero out the price growth before throwing in the towel. Their goal is to bring annualized month over month numbers back in line with their historical 2% target on a forward-looking basis. It's very unlikely we'll deflate back to pre-crisis pricing unless the Fed makes a big mistake. > I think companies are starting to dread the depth of the incoming recession. For what it's worth, we're not seeing one yet. It may happen, I guess, but so far the numbers all look quite good. That said, expectations in this regard tend to become self-fulfilling.