Here's a thought worth considering: if the productivity boost we're seeing actually holds up, it could play a powerful role in keeping inflation in check.

The logic is straightforward—when productivity climbs, economic output increases without proportional increases in costs. That naturally puts downward pressure on price levels. So rather than fighting inflation through rate hikes alone, we might see the supply side of the economy doing heavy lifting for us.

The catch? It needs to stick around. One-off productivity gains don't move the needle on long-term inflation dynamics. But if this isn't just noise—if businesses genuinely get more efficient—then we're looking at a scenario where growth and price stability can coexist. That's the disinflationary path markets have been hoping for.