Our US focus page zooms in on the labour market and inflation. The left-hand chart looks at the interaction between unemployment and vacancies. Job openings remain a long way above previous highs, pointing to scope for a further decline in unemployment over the coming months. The right-hand chart highlights the uncertainty around inflation forecasts in the year ahead. While the median forecast anticipates US headline CPI moving back towards the Fed's 2% target in the second half of 2022, the range of economist forecasts remains extremely wide.