I think we've always understood that we would need a period of essentially zero growth in order to rebalance demand and supply. We thought that a year ago. What happened in the intervening period is that we actually had stronger demand than we had anticipated, so that period of zero growth basically got pushed back. It's now what we expect to see over the next 12 months or so.
That's not the end of the world, I have to say. To be able to disinflate from the levels that we were at and get back to close to 2% sometime at the end of 2025 without a major rise in unemployment and a major disruption was really quite a trick.
Yes, in the next 12 months, we would not expect demand to be strong. In fact, we need it to not be strong in order to break the expectation that inflation is going to stay high.