There's evidence that inflation isn't a problem and some anecdotal evidence that the economy is slowing, but I think we'll have to wait and see the employment report.
Higher mortgage rates that we have witnessed over the last six months are starting to temper demand for the housing sector.
Something in-between is probably where we are. While the economy remains weak, inflation will gradually grind down. When the economy picks up, it's unlikely then that inflation will grind down further.