The debate surrounding “how long” U.S. inflation could remain elevated and how quickly or slowly it will return to “normal” is far from over. However, at the very least, it appears that inflation has peaked. During the last few months, the annual CPI, PPI, and wage inflation rates have declined noticeably and significantly from their respective cycle highs. Several concerns still need to be addressed. Will inflation persist at its current unacceptable level and require much more aggressive policy action? Could inflation expectations yet become unanchored? Is a recession inevitable? Or, now that we’ve seen the inflation peak, will conditions promptly return to normal?