Is There Any Evidence That Inflation Is Slowing?

Nick Hollis: I think wages are the thing. Labor is the thing. This is the sticky part of the inflation. And until they see this softening or slowing, forget about turning, they can't back down. If people make more money, costs have to go up and then you worry about like it's going to be a self-fulfilling property. But again, we have 40 years of stagnating wages for a large percentage of the population. That part of the population is now the one seeing the biggest wage gains.