INTC - Macro Dashes - Inflation Is Transitory Most Prices Are Permanent

• The current round of inflation is being caused by shifting supply chains and short-term high energy prices.
• Supply chains and energy will both adjust in the next year or two reducing inflationary pressures.
• Energy has been the main driver of high CPI, year-over-year energy price comps will drive the inflation rate down by Q1 2023 if not sooner.
• The dollar will strengthen as the Fed and Treasury taper, this will also contain the inflation rate.
• Despite the inflation rate inevitably coming down, most price levels will be sticky and not recede short of a recession, wages are among the stickiest.

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