1. Actual throughput in our ports is up over previous levels. Its demand that has increased, a combination of redistribution downwards (through better wages, government benefits) and pent up savings. There's already evidence savings are depleted for lower income households (as evidenced by increased credit card balances). 2. Perhaps you could explain why container owners have no incentive to increase their business volume. 3. The US systematically undershot its 2% inflation target for years. It acted more like an upper bound. Its good that its gone over. Just now we've overshot. But we've overshot by a fair margin. So I think they'll pull back as soon as any perceived softness of the real economy has gone away.