Is the Fed Bringing Down Inflation?

Inflation expectations are very well anchored, whereas they were not anchored at all or anchored at extremely high levels in the 1970s. We're getting a number of inflation freebies defined as drivers of disinflation that don't really require a large amount of economic weakness. And then lastly, there's a big debate about whether the US labor market is overheated and whether the unemployment rate is going to have to increase substantially to bring the labor market back into balance. I think all three of these observations are quite different from past periods when the economy was very overheated and inflation was too high. So we feel pretty good about the idea that a soft landing is possible. It doesn't mean