Pantheon with the note. This has only just begun.
Supply-Side Stresses are Fading, Bringing Hope of Disinflation
Regional PMIs for July were fairly downbeat, pointing to fading domestic and global demand. But a more positive aspect was the ongoing easing of supply chain issues, in contrast to past lockdownreopening cycles in China. Weaker demand undoubtedly helps on this front. But whatever the driver, a key source of global inflationary pressures is now receding.