Two different measures of business inflation expectations have essentially returned to pre-pandemic levels. The Atlanta Fed survey (dark line), which asks businesses how much they expect their own unit costs to change, is back at 2%—right where it was in 2019. The Cleveland Fed survey (teal line), which asks business executives where they expect CPI to run, is back around 3%—similar to 2018 readings. These suggest that price-setters don't see unusual inflation ahead (after a bump last spring). Both measures jumped in 2021 and have now fully round-tripped.(Nick Timiraos)