It Takes a While to Get Back to Normal?

I don't have a ton of confidence in the front end because we know inflation is sticky. It's possible that inflation remains persistently high through the year and the Fed may have to keep hiking, maybe 5.75 or 6%. The data is strong on the consumer on the labor market; it's because the lag has not worked through. I think interest rates matter. They just take a while to show up in terms of investment decisions or spending decisions.