The University of Michigan publishes monthly surveys of year ahead inflation expectations. Right now, people think it will be at 5.4%, well below today's 8.60%. The chart shows this expectation (blue line) and current inflation. It's a pretty good fit, for the most part. If anything, people are more conservative in their predictions than reality.
Only time will tell what will happen, but for now I'll go with "hope dies last".
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