We all should take heart in how 2022H2 highlighted the possibility and plausibility of a 'soft landing'—disinflation without more unemployment—at odds with the rigid Phillips Curve views. Ultimately the probability of a soft landing hinges on the Fed's perception of its feasibility and plausibility. But it would be irresponsibly premature to spike the football and celebrate the end of inflation. It will take more time to realize the full force of disinflationary pressures in train. Two forms of flawed evidence have cropped up more prominently of late among some who are confident about disinflation: (1) fixating on deceleration in money supply measures and (2) inadvertently hyping short run energy price changes as representative of broader trends with longer duration.