This slide takes a closer look at the Fed Global Supply Chain Pressure Index. The top chart looks at the composite index from 1997 to the present. The series hit an all-time high in December 2021 at +4.5 standard deviations above its long-term average. The bottom heatmap looks at the subcomponents that comprise the Fed index. A red reading means that subcomponent is still very hot compared to 10-year averages,whereas a green reading means that subcomponent has cooled down.