Forget all that money the Federal Reserve has been printing and all the borrowing the U.S. Treasury has been doing and continues to do. Inflation, at least in the short term, has peaked, according to Morningstar’s director of economic analysis Robert Johnson.

“I think we’ve seen the worst of inflation,” said Johnson, who bases his view on what’s happening to commodities prices and on some developments in key components of the Consumer Price Index.

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