"First, the good news. Given what we know about current economic conditions, it is likely that the consumer inflation rate has peaked in the U.S. for the current cycle. Recent inflation reports on the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE) Implicit Price Deflator, which is the Federal Reserve’s preferred measure, show a jump to new 40-year highs in March but signs of moderation in coming months." Read the bad news, in our latest commentary from Greg Brown.

About 4.4 million workers are missing from the labor pool. When can we expect them back on the job? Looking at the data, there’s reason to believe that labor force participation has already recovered from the hit delivered by COVID-19 and that incremental gains may be modest, thanks to changes in demographics.