Rising infections tied to the BA.5 Omicron subvariant could cause another wave of worker shortages and clogged ports, Krebs said. The potential for fresh sanctions on Russia or another round of lockdowns in China also needs to be monitored.

Rail service disruptions are also causing friction at key throughways like the Port of Los Angeles. President Joe Biden last week took action to prevent US railroad workers from going on strike, which would have brought nearly 30% of the nation's freight to a screeching halt, but the clock is ticking for parties to reach a longer-term solution.

A global recession, meanwhile, would reduce pressure dramatically. A plunge in demand would curb supply chain traffic much sooner than expected.

Step back: How quickly supply chains return to normal will have major consequences for inflation, which has been spurred in part by limited access to the supply of goods. Trends will help dictate the path ahead for policymakers like the Federal Reserve.

Rising infections tied to the BA.5 Omicron subvariant could cause another wave of worker shortages and clogged ports, Krebs said. The potential for fresh sanctions on Russia or another round of lockdowns in China also needs to be monitored.

Rail service disruptions are also causing friction at key throughways like the Port of Los Angeles. President Joe Biden last week took action to prevent US railroad workers from going on strike, which would have brought nearly 30% of the nation's freight to a screeching halt, but the clock is ticking for parties to reach a longer-term solution.

A global recession, meanwhile, would reduce pressure dramatically. A plunge in demand would curb supply chain traffic much sooner than expected.

Step back: How quickly supply chains return to normal will have major consequences for inflation, which has been spurred in part by limited access to the supply of goods. Trends will help dictate the path ahead for policymakers like the Federal Reserve.