US Inflation Peak in Sight But Debate Rages Over What Comes Next

Sky-high US inflation may finally be approaching a peak as global economic growth sputters and oil and other commodity prices plunge. Now the focus is shifting to how fast and far it will retreat.

Welcome to Round Two in the battle of dueling narratives on the cost of living.

“We’re going to see inflation decline,” said Jeffrey Rosenberg, senior portfolio manager for systematic multi-strategy at BlackRock Inc. “But to what level?”

In Round One last year, Team Transitory -- captained in effect by Federal Reserve Chairman Jerome Powell -- was routed, as inflation soared higher and proved more stubborn ...