Inflation remains elevated compared to policy targets—but here's what matters: the pace of increase has stabilized. We're not seeing acceleration in price pressures at the moment. This distinction is crucial for market positioning. When inflation stalls out above your comfort zone but stops climbing, it changes the calculus for interest rates and portfolio strategy. Asset classes respond differently depending on whether you're in an inflationary spike versus persistent-but-flat elevated levels. Worth watching how these dynamics play out.