The wealth of economic data due out this week will impact forecasts going forward.

Many forecasters believe the inflation is peaking and will begin to moderate in the coming months. This forecast is based on a slowing of real consumption spending as inflation reduces the real spending by both consumers and corporations. They also believe an increase in manufacturing in the U.S. will begin to address the supply chain disruptions which have added to product shortages. A major part of the expectation is that consumption expenditures will soften due to the oil market finding a stable price range over the next few months. This moderating growth in spending and increased supply of products will allow inflation data to moderate.