[pwinnski]

1. Nobody is saying that there has been deflation, so yes, prices that have gone up will remain up. The old baseline, the one in your head, that's gone. The question now is will prices keep going up, and the answer seems to be no.

In addition, a series of issues unrelated to monetary policy have hit individual items like eggs (avian flu) and lettuce (INSV) and so on, because food is messy.

2. The election season has been over for two months, and yet the SPR is continuing to contribute to US supply[0], so apparently not everybody thinks solely in election terms.

Russia is more complicated; they are at least as focused on their limited opportunities to earn and spend money given sanctions as on hurting us, which they might see as less easy to do now that the election season has been over for two months.

0. https://ycharts.com/indicators/us_ending_stocks_of_crude_oil...