US Treasury Chief Economist Harris says weaker demand for goods, easing supply bottlenecks and a receding pandemic is expected to cut inflationary pressures in 2022

Expects energy prices to stabilise in 2022, but geopolitical instability could push prices higher.
Key investment sectors are poised for strong growth despite supply chain issues, possible new COVID variants.
Sees positive signs for housing supply in coming quarters.
Sees multiple risks to economic outlook, including concerns about pandemic, supply chains, energy prices and shelter costs.
Future variants of COVID may pose a 'significant risk' to the US economic outlook but US population may be nearing herd immunity.
Potential economic growth shifted lower if losses in US labour supply are permanent.