in other words:
U.S. inflation expectations have become #domestically anchored and policy-driven, not commodity-driven.
That is why falling #commodities no longer reassure markets—and why inflation risk is now perceived as stickier, even in the absence of classic cost shocks.



![[Illustrative photo] Soldiers of Ukraine's 95th Brigade walk past a Starlink satellite internet receiver](https://files.mastodon.social/cache/media_attachments/files/115/038/155/839/794/403/small/54db7f7d4ffb830e.jpg)