With investors anxious to hear the Federal Reserve’s latest take on inflation after last week’s hot reading, certain corners of the market are already simmering down.

Take lumber, one of the biggest gainers among commodities in the past year as stuck-at-home Americans poured money into remodelling. It’s slumped 40% since its peak in May. The booming housing market has also cooled, with an index that measures consumer plans to buy homes tumbling last month. And copper has eased from an all-time high.

The slowdown in price gains in some key inputs doesn’t mean the surge in headline inflation numbers is a false signal -- there remain numerous areas of the economy where supply constraints and torrid demand have left prices at multiyear highs. But for a central bank deciding whether and when to scale back policy assistance, some of the market signals offer reason to continue to be patient.

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