Has inflation peaked? Well, we know that this year, 2023 is likely to be a year where inflation starts falling quite rapidly. This is simply because of base effects. The oil price was really high a year ago. It's lower now. Natural gas prices aren't as high as we'd feared, and perhaps the global economy has slowed somewhat from the hotness that we experienced in the unleashing of the economy post-COVID. So I think inflation will come down. And we're also seeing some signs that things like money supply is falling as well. And so inflation rates may get back down towards the 2% that central banks have been targeting, and that may allow central banks to start thinking about cutting rates towards the end of 2023 rather than hiking them that's been the 2022 and early 2023 story.