The market remaining tight isn't the same thing as it staying as hot as it was. More to the point, freight costs (in part pushed up by fuel costs) and commodity prices (oil/grain) are no longer being pushed up the way they were six months ago by Putin's invasion of Ukraine. There's no one factor that was pushing up inflation but the sum total of the factors that were pushing it up are not as intense as they were when Powell slammed the brakes on the stock market and pushed AAPL down to 130.