How did chips go from epic shortage to massive deflationary pressure? Big IMF downgrades tell us.

These were once the very symbol of 2021 "inflation." A shortage of semiconductors had been so severe and pervasive, it seemed like nearly every consumer price increase could be traced back in part to chips. Today, massive inventory that is proving difficult to sell as demand worldwide plummets. It was transitory after all. Even the IMF can see it coming, though its models will need even more and even bigger downgrades first.