I think there are two sets of factors.
Part of it is global. One of the reasons that inflation went so high was that, globally, demand for goods ran way ahead of the ability of the economies to supply them, so you saw a big run-up in prices of goods globally. Then, of course, Russia's attack of Ukraine drove energy prices and agricultural prices a lot higher.
The global supply chain issues that were clogging up the system have largely been resolved. Of course, Russia's invasion continues, and we now have a new conflict in the Middle East that is creating uncertainty, but energy prices have come down from their peak at the start of the war. Agricultural prices have come down. Those things have relieved inflationary pressures globally.
The other part, though, is more domestic, and that's really where monetary policy works and matters. When the economy reopened, what happened was that demand recovered much more quickly than supply could recover, and that resulted in demand running ahead of supply. The economy was very overheated, and that created domestic inflationary pressures.
We responded forcefully. We raised interest rates faster than we've ever raised them. What we see now is that those higher interest rates are working through the economy. Growth in the economy has cooled. The economy was very overheated. Most indicators suggest that it is now close to balanced. That is relieving those inflationary pressures. You have seen inflation, for both those global and domestic reasons, come down considerably.
We think growth is going to be weak for the next few quarters, and what that means is we think there's more inflation relief in the pipeline, and that's something we're certainly looking for.