Is the Fed Paying Enough Attention to Supply Chain Disruption?

I'm not ready for deflation quite yet, Tyler. Listen, I think there are a whole host of areas where we're seeing goods prices begin to fall and inventories accumulate. We're seeing shipping times and shipping costs fall rather dramatically to pre-pandemic levels. So on the good side, we're already seeing disinflation for a lot of different items. And that's important insofar as it will eventually feed into both CPI, the headline number and the core.