Scott breaks down why inflation isn't the threat most people think it is. "You're starting to see disinflationary impulses from the labor market and housing. The quits rate is declining, which should put downward pressure on wages. The apartment tightness index tends to lead shelter CPI, the largest component of aggregate CPI. So while we're resetting higher structurally, there might not be that inflationary shock from large fiscal deficits."(Delphi Digital)