It is a HOPE.
And, nothing else.
Everything else points to the structurally higher inflation:
1. Regionalization (nearshoring) – started by Trump, accelerated by Covid and the war in Europe
2. Declining (!) work force makes the idea of sewing shirts for c20 there a passe.
3. The decade of structural underinvestment in commodities, transportation, logistics and agriculture.
All these structural issues are cutely mislabeled as “temporary supply chain bottlenecks”.