Look beyond outstanding compared with the rest of the world’s developed economies, and with expectations 12 mths ago. I don’t think anyone would have anticipated inflation moderating while employment remained as strong as ever. Odds of a soft landing are astronomical compared with those odds a year ago.

Not a slam dunk - not seeing market reactions today to latest inflation data, which appears a little hotter than expected for December. But I don’t think alarmingly so, such that views of coming interest rate declines should be changed much. Markets may have gotten ahead of themselves in anticipating them this spring, but that’s just market volatility.