As the following chart pictorial illustrates, several key ingredients that underlie pricing pressures are losing their inflationary force. These include the systemic impact of rising inflation expectations, the coincident contribution of higher commodity prices, and the leading influence of economic policies. There is also notable progress among several supply-chain problems, including a surge in the U.S. labor supply, improvement in international freight rates, a rollover in backlog orders, and evidence that companies are finally rebuilding inventories.