Commentary
The most important economic question to date is still the old one: whether inflation has peaked or still has some months to go. The U.S. official tone on inflation has always been on the supply side such as the logistic blockage due to Covid-19 lockdowns or the Ukraine-Russian war. The demand side of ridiculous monetary easing causing inflation has never been addressed, albeit the real boosting effect has been emphasised repeatedly. Tracing the source of inflation is crucial because the supply side factors are fading out, but this is not yet the case on the demand side.
