It might be unnecessary trying to predict how long investors will be battling inflation woes, however: Despite the bumps and hiccups, the U.S. economy is on the right track, Johnson said. “A lot of this was expected to normalize by this summer or back-to-school time, and it’s really still here. So it’s taken longer than we expected, but we still think the direction is right and it’s ultimately transitory, without a magic silver bullet other than passage of time.”

To that end, Johnson said he predicts the consumer price index will fall below 4% somewhere in the summer of 2022, while Rudy guessed it would fall in the second half of next year and LeGraw said it could be earlier than that.

“When we look at inflation, we are clearly seeing a onetime bump in the numbers,” she said. “The question is will this spiral out of control, like we’ve seen in big inflationary regimes. For that to happen you need to see prices rise, and then you need to see wages bid up, and then prices rise again and then wages go up, and so on.”

For that to take place, she continued, workers need to have sufficient power to cause those continual wage increases. “Do workers, broad-scale, collectively, have enough power to cause these subsequent wage increases? We’re a little skeptical on that,” LeGraw concluded. “Worker power is quite low with respect to history.”

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