Global Supply Chains Are Almost Back to Normal

A fresh tranche of trade data shows that the historic series of supply shocks rattling the global economy for three years has subsided, boosting expectations for cooler inflation in the months ahead.

The improvement in global supply chains is “resonating through almost every indicator,” HSBC said in a research note earlier this week. Delivery times are falling, port congestion is close to normal, product shortages are receding and global inventory levels are rebalancing.