"Inflation is subsiding month-to-month, but not long-term. For two years and with each new peak inflation, thoughts were that it will subsite, but it did not. The Cleveland Fed's Inflation Nowcast has been reliably too low throughout 2021 and 2021 like Wall Street consensus expectations. Long-term, higher demand and lower supply mean higher prices. Stable high inflation does not exist. Inflation helps stocks relative to growth, and hurts mainstream stocks and bonds. The Federal Reserve has no influence on inflation outside crushing demand," says Rob Arnott.