Macro Insights Weekly - End of inflation scare?

Last week's 50bps rate cut by the US Federal Reserve marked the end of a concerted global effort to fight the post-pandemic inflation surge. Is inflation in the distant rearview mirror?
Strikingly, bringing down the post-pandemic inflation surge did not entail a global recession.
Nor was it necessary to have a crash in asset prices or a collapse in confidence.
We see a key factor being the quick softening of commodity prices.
Strong supply side response and China's weak demand drove this.
We consider four key factors that bear watching in an otherwise benign price climate.