What's Next for Inflation?

The key issue at the moment is the sequencing of hitting the Fed's dual mandate. Yesterday we got confirmation that we have seen now inflation come down from the peak in June without an increase in the unemployment rate. That's of course telling you that we might actually have a scenario where we could have a solved landing because we are now seeing inflation begin to come down. Admittedly, 7.7 is still very elevated. Where does it bottom out at next year? So obviously there's a very long road.