The Producer Price Index for semiconductors has increased by 25-26% year-over-year.

The price of computer software and accessories in the Consumer Price Index rose 14% year-over-year in the April report, a significant reversal from its historical trend of -5% per year.

Macquarie believes the US economy will remain strong through the fall due to a resilient consumer, strong credit growth, and the AI capital expenditure cycle.

Macquarie predicts that headline inflation in the U.S. is likely to reach 4% later this year.

Macquarie forecasts that long-term inflation will settle in a range of 2.5% to 3%.

Macquarie has been forecasting since the start of the year that the Federal Reserve's next interest rate move will be an increase, potentially occurring as early as 2026.