One thing missing in the inflation discussion is asset inflation. Yes government measured inflation went down while stocks and every other asset kept going up.

One thing missing in the inflation discussion is asset inflation. Yes government measured inflation went down while stocks and every other asset kept going up. This is a massive transfer of wealth and spending power to those who have assets. When COVID hit and stimulus started hitting the working class, it drove up all prices because they for a brief period of time had spending power and therefore labor negotiating power. Now things have returned more to status quo where the wealthy asset owners keep getting most of the gains from technology driven increases in efficiency while the people working in meat packing plants have been put back in their role.