New York Fed Reports Global Supply Chain Pressures Eased

Global supply chain pressures moderated in May but remained at high levels, according to the Federal Reserve Bank of New York. The bank said its Global Supply Chain Pressure Index registered a reading of 2.9 last month, down from 3.4 in April and a peak of 4.38 seen in December. “The majority of GSCPI components decreased, resulting in a moderate decline for the month,” the bank said, adding that “the moves in the GSCPI over the past three months suggest, for now, a stabilization of global supply chain pressures at historically high levels.” Supply chain pressures have been a key cause of surging inflation, and the Federal…