Inflation will be coming down over the coming quarters. This is what the Fed is predicting, that is what the consensus is expecting, and that is what we are predicting. The problem is that this has been the forecast ever since inflation started going up in April 2021, see chart below. Given how systematically wrong inflation forecasts have been over the past 18 months, there are good reasons to be cautious about the current forecast.
It is also how market expectations have evolved. Is inflation inherently unpredictable? Are we collectively in thrall of the same wrong model? Does "expectation" mean the same thing in models and surveys? Are market risk premiums really important?