• Headline inflation of over 2% continues to persist above the Fed's target of 2% with the rate of acceleration slowing as supply issues resolve.

• Services and housing remains well above 3% and show no sign of abating.

• Compensation continues growing at rates well above the prior cycle highs with all regions showing an uptick and the Government sector leading.

• Commodities continue to fade as trade disruptions and the economy slows.

• House price growth is broad based and continues at apace as expensive financing meets constrained supply.

• The baseline inflation forecast suggests a peak of inflation arriving the third quarter and a steady decline near 2% during the next year.

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