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Saturday, September 9, 2023

The Quest to Solve MS: 'It's a Story That's Optimistic'

 "I think primarily this is a story of discovery," said neurologist and multiple sclerosis (MS) researcher Stephen Hauser, MD, of the University of California San Francisco, about his book

opens in a new tab or windowThe Face Laughs While the Brain Cries.

"It's a story that's optimistic, that imbues faith in science, and shows that science can improve people's lives," he observed. "I wanted people to understand the phenomenal progress that we've made against MS, a disease that affects millions of people worldwide."

It's also a story about how fragile medical research is, noted Hauser, who helped open the frontier to B-cell depletion therapies in MS and led the phase III trials of the anti-CD20 agents ocrelizumab

opens in a new tab or window (Ocrevus) and ofatumumabopens in a new tab or window (Kesimpta). Ocrelizumab, developed by Genentech, was the first anti-CD20 monoclonal antibody approvedopens in a new tab or window to treat MS.

"It was a miracle that ocrelizumab made it to the finish line," Hauser told MedPage Today. "There were numerous places along the way where this could have been -- and for a number of reasons, maybe should have been -- scuttled."

The Face Laughs While the Brain Cries is partly about medical research and partly a memoir. It takes its name from the pseudobulbar palsy exhibited by Andrea, a patient with severe MS whose facial expressions were disconnected from her cognitive intentions.

Meeting Andrea in the 1970s was a pivotal point in Hauser's decision to study MS; it came at a time when little was known about the disease. MedPage Today spoke with him about the lessons he learned throughout his neurology career. An edited version of that discussion follows.

What was MS care like when you were in training?

Hauser: This was a time when we didn't have any real options for MS. Modern neuroimaging wasn't even a rumor. We'd have bathtubs on neurology floors, and we'd put patients who might have MS -- but we weren't sure -- into hot tubs to see if their symptoms worsened or new signs appeared. Either was evidence for MS.

There was an aphorism about neurologists in that era, that we knew everything but did nothing. And for those of us who were interested in MS, senior leaders would -- amazingly, in retrospect -- advise us not to even try to find a treatment for MS. It would destroy our careers, they said.

Looking back, we were also just at the beginning of a new era of discovery, a transformation fueled by advances in cell and molecular biology, medicinal chemistry, imaging, and clinical research methods.

As I think about my journey and its lessons, one that stands out is the importance of seeking out a new path, one not traveled by others. We tend to travel together, but it's often the different idea that leads to illumination.

That's frequently where the great discoveries are made. Had I been able to step back more often and question ideas that were, in retrospect, based on pretty weak data -- or worse yet, were flat-out wrong -- the story would have moved much faster.

What ideas had to be challenged?

Hauser: The conventional wisdom was that the mouse experimental allergic encephalitis [EAE] model, also known as the mouse laboratory model of MS, was a faithful mimic of the human condition. That model indicated that acute EAE was caused by T cells and T cells exclusively, and if B cells had any role, they protected against disease. If you removed B cells, the disease would get worse. So, the same must be true for MS, because that's what happens in mice.

But here was the catch: the pathology of EAE in mice looked almost nothing like the pathology in human MS. So, we set out to develop an animal model that mimicked the pathology of real MS, and after many years of failure finally succeeded, spectacularly so, in marmoset monkeys.

But we were still wedded to the idea that T cells alone must cause MS. We spent years trying to dissect out the components of the immune system that were responsible. We tried to produce the disease in marmosets using T cells alone, but after years of trying, all that T cells could produce was something similar to mouse EAE, never the MS-like pathology.

It was only when we tested B cells and antibodies that an explosive demyelinating pathology identical to human MS was reproduced. This overturned, at least in our minds, the conventional wisdom that MS was a purely T cell-mediated disease.

We published this in top-tier journals -- Annals of NeurologyNature Medicine, and JCI [Journal of Clinical Investigation]. We had the story out, but still people said it's biologically implausible. Everyone knows, they said, that T cells alone cause MS. This new model was an anomaly; it must have nothing to do with actual MS.

Two lessons: believe in your data, and question conventional wisdom. We need better opportunities for young people to pursue novel avenues and challenge entrenched ideas. They need adequate resources to let them spread their wings.

As for me, how did that happen? Foundations and philanthropists, and fantastic visionary leaders in industry.

But even in industry, some people insisted B-cell therapy wouldn't work.

Hauser: The Genentech prognosticator model said that the chance of a B-cell therapy working in MS was less than 15%. There was also a flaw in my argument, and I'll talk about that in a moment, because that would soon come to the fore as well.

Despite the widespread reservations in some corners, Genentech nonetheless approved an initial $60 million pilot experiment to see if this biology worked at the bedside. The bedside -- that's where the rubber meets the road.

But then the FDA said, we won't let you do this. It's too risky. We'll let you treat half the number of patients you want and administer only one dose of the drug that you propose to give. And that's when I realized how tenuous this project was.

We thought at the time it was antibodies that we were targeting. We'd shown that the oligoclonal bands were being made by these B cells and these antibodies were directed against multiple myelin targets.

B cells weren't what we thought we were going after; it was the antibodies that B cells made. But B cells first need to differentiate into plasma cells to make sufficient quantities of antibodies, and plasma cells can live for 100 years. So, we would need to winnow down the plasma cell-producing factory for this therapy to work if antibodies were the culprit.

And now the FDA was saying we can only treat once and observe for 6 months; there was not enough time for the antibodies to be removed. The prognosticators at Genentech now estimated that the chance of success now was even lower -- less than 10%.

It was a Friday afternoon in 2006, the last Friday of September, when we unblinded the study. We were hoping to see just a hint of a benefit so we could go back to the FDA for a longer trial.

What we saw was an immediate and almost complete -- over 90% -- elimination of MS disease activity.

That was the best scientific outcome imaginable. Not only did we have a therapeutic that could potentially have immense benefit potential for patients, but the immediate benefit told us that our underlying scientific idea was not entirely correct.

The B cells themselves, and not antibodies, were responsible for MS attacks. And that changed the future direction of research, sending us back to the lab trying to understand how B cells function as direct culprits in MS.

https://www.medpagetoday.com/neurology/multiplesclerosis/106246

Standard Lymphoma Therapies Tied to Higher Risk for New Malignancies

 Use of high-dose chemotherapy and autologous hematopoietic stem-cell transplantation (HSCT) for patients with aggressive lymphoma was associated with an increased risk of certain second primary malignancies (SPMs), according to a retrospective Danish population-based cohort study.

The overall SPM rate was higher among lymphoma patients compared with matched controls from the general population (HR 2.35, 95% CI 1.93-2.87, P<0.0001), reported Trine Trab, MD, of Copenhagen University Hospital, and colleagues.

Specifically, lymphoma patients had an increased risk of non-melanoma skin cancer (HR 2.94, 95% CI 2.10-4.11, P<0.0001) and myelodysplastic syndrome (MDS) or acute myeloid leukemia (AML; HR 41.13, 95% CI 15.77-107.30, P<0.0001) compared with matched controls, they wrote in Lancet Haematology

opens in a new tab or window.

However, there was no significant difference in the risk of solid tumors (HR 1.21, 95% CI 0.89-1.64, P=0.24).

"Our findings are of clinical importance when comparing the risks and benefits for patients with lymphoma who are being considered for high-dose chemotherapy and autologous HSCT, and for making the best-informed treatment decisions when alternative treatment options are available," Trab and colleagues noted.

In a commentary accompanying the studyopens in a new tab or window, Anna Sureda, MD, PhD, and Eva Domingo-Domenech, MD, both of the University of Barcelona, wrote that the development of SPMs after HSCT "emphasizes the importance of balancing between achieving remission and minimizing the risk of long-term complications."

Although HSCT offers the possibility of cure for patients with aggressive lymphomas who have relapsed after initial therapies, "the potential for SPMs highlights the need for careful consideration of other treatment options," they added.

Trab and colleagues reported that the 5-, 10-, and 15-year cumulative risks of first SPMs among patients treated with high-dose chemotherapy and autologous HSCT were 12%, 20%, and 24%, respectively, while the corresponding cumulative risks in matched controls were 7%, 14%, and 21%.

Meanwhile, the 15-year cumulative risk of non-melanoma skin cancer was 8% for lymphoma patients versus 7% for matched controls, while the 15-year cumulative risks of MDS or AML were 5% versus 0.3%, respectively.

The 5-, 10-, and 15-year cumulative risks of any solid tumors were 4%, 7%, and 9% in lymphoma patients compared with 4%, 9%, and 13% in matched controls.

In their editorial, Sureda and Domingo-Domenech said the results of this study should be considered in the context of the development of new -- and potentially curative -- treatments for lymphoma, such as chimeric antigen receptor (CAR) T-cell therapy.

"The specificity of [CAR T-cell] therapy reduces damage to healthy cells that are associated with conventional treatments," they wrote. "[D]espite little data regarding the development of SPMs due to the small number of patients who have been treated and short follow-up, development of SPMs does not appear to be a substantial side-effect with this therapeutic strategy."

For this study, Trab and colleagues included 803 patients from the Danish Lymphoma Registry with an aggressive lymphoma who received high-dose chemotherapy and autologous HSCT from January 2001 through December 2017. They were matched 1:5 to 4,015 controls from the Danish Civil Registration System.

About two-thirds of the participants in each group were men, and the median age in both groups was 57 years. Of the patients with lymphoma, 34% had diffuse large B-cell lymphoma, 29% had mantle cell lymphoma, 21% had peripheral T-cell lymphoma, and 15% had Hodgkin lymphoma. Most patients received one line of chemotherapy before high-dose chemotherapy and autologous HSCT. Median follow-up was 7.76 years.

The authors acknowledged several limitations to their study, including the lack of lifestyle data available, as well as data on genetic factors associated with cancer.

Disclosures

This study was funded by the Danish Cancer Society.

Trab reported payment for teaching from the Danish Association of the Pharmaceutical Industry and financial support from Janssen-Cilag A/S Denmark.

Several co-authors reported relationships with industry.

The editorialists had no disclosures.

Primary Source

Lancet Haematology

Source Reference: opens in a new tab or windowTrab T, et al "Second primary malignancies in patients with lymphoma in Denmark after high-dose chemotherapy and autologous haematopoietic stem-cell transplantation: a population-based, retrospective cohort study" Lancet Haematol 2023; DOI: 10.1016/S2352-3026(23)00212-0.

Secondary Source

Lancet Haematology

Source Reference: opens in a new tab or windowSureda A, Domingo-Domenech E "Beyond remission: secondary primary malignancies in patients with lymphoma after autologous haematopoietic stem-cell transplantation" Lancet Haematol 2023; DOI: 10.1016/S2352-3026(23)00248-X.

https://www.medpagetoday.com/hematologyoncology/lymphoma/106256

Journey Med, Maruho in Qbrexza® Pact in South Korea and Other Asia

 Journey Medical Corporation (Nasdaq: DERM) (“Journey Medical” or “the Company”), a commercial-stage pharmaceutical company that primarily focuses on the selling and marketing of U.S. Food and Drug Administration (“FDA”) approved prescription pharmaceutical products for the treatment of dermatological conditions, today announced it has entered into an exclusive license agreement (the “Agreement”) with Maruho Co., Ltd. (“Maruho”), a Japanese company specializing in dermatology and also Journey’s exclusive licensing partner that developed and is commercializing Qbrexza (Rapifort®) in Japan. Pursuant to the terms of the Agreement, Journey Medical granted Maruho an exclusive license to develop and commercialize Qbrexza® (Rapifort® / DRM04 / glycopyrronium tosylate hydrate) for the treatment of hyperhidrosis, in South Korea, Taiwan, Hong Kong, Macau, Thailand, Indonesia, Malaysia, Philippines, Singapore, Vietnam, Brunei, Cambodia, Myanmar and Laos (the “Territory”).

Under the terms of the Agreement, Journey Medical will receive a $19 million nonrefundable upfront payment. Maruho is responsible for all development and commercialization costs for the program throughout the Territory. Additionally, in conjunction with the new license grant, Journey Medical and Maruho have also entered into an amendment of their existing license agreement that grants Maruho exclusive rights to Qbrexza (Rapifort) in Japan (the “Amendment”). The Amendment contains modifications that reduce certain royalty and milestone obligations payable to Journey, among other changes to certain economic sharing obligations. Under the Amendment, Journey is still eligible to receive certain milestones payments, totaling up to $45 million.

https://finance.yahoo.com/news/journey-medical-corporation-enters-exclusive-120000864.html

InnovAge Plans To Elevate PACE Model Above ‘Best-Kept Secret’ Label

 Since the start of his career as a primary care, internal medicine physician, Dr. Richard Feifer has sat at the intersection of geriatrics, population health and value-based payment models.

The Program of All-Inclusive Care for the Elderly (PACE) model has long been a passion of his.

This made him the perfect person to serve as the chief medical officer at InnovAge (Nasdaq: INNV). Last year, Feifer stepped into the role.

InnovAge is one of the largest PACE organizations in the country. The company has roughly 1,800 employees and serves seniors in Colorado, New Mexico, California, Pennsylvania and Virginia.

During a recent appearance on Home Health Care News’ Disrupt podcast, Feifer talked about his vision for home-based care and PACE collaborations, why other providers need to learn more about PACE and InnovAge’s future-facing goals.

The below is edited for length and clarity.

HHCN: Can you also give us background on InnovAge’s business model and footprint?

Feifer: Our business model at InnovAge is the same as all other PACE providers. We enroll patients — in the PACE world, we call them participants — who are living in the community prior to enrollment, but who would qualify for nursing home placement based upon their level of impairment and their care needs.

We enroll them, and then we receive capitated payments for Medicare and Medicaid. Capitation is defined as receiving a fixed monthly amount per participant. From that, we need to provide for all the participants medical, physical, emotional and social needs — everything that they need from that point forward. Much of that is then centered around the PACE center. A PACE center is a physical facility in which the program offers an adult day center, a medical clinic, dental and other services. Extending from that, we deliver in-home services and in-home care. That’s PACE, and that’s what we do.

When you stepped into the role, what were some of your short-term goals, and what are some of your long-term goals for InnovAge now?

When I started about a year ago, my immediate priorities were to develop and build a strong cohesive clinical leadership team.

I also viewed it as critically important that I visit each of our centers as soon as possible, meeting with the primary care providers and with the nursing teams. I needed to understand what was important to them, what made them the most successful and if they had barriers to that, what I could do to help them, because care is all delivered on the front line, in our centers and in our participants’ homes. I went to work on that, put a lot of miles in the travel bank, so to speak, and got to all of our centers. I learned a lot about the PACE model and about what it takes to be a top-notch PACE provider.

I also viewed it as a top priority, and immediate priority, to launch what we call a triad operating model. A triad operating model is one in which there’s shared leadership and shared accountability between or among operations, medicine and nursing. That means that each of our centers then is co-led by a center director for operations, a center medical director and the director of nursing services. That alignment and shared leadership — that’s a great driver of success. We have the triad operating model at the center level, and also at the regional and the national level.

Now, turning to longer-term things that I’m working on now with this team — care model innovation. We are integrating behavioral health in new ways to ensure it’s very much part of the care delivery process, where we’re undertaking advancements in pharmacy care to improve medication safety, reduce gaps in care and ensure that pharmacy is optimized for each one of our participants.

We’re focusing a whole lot on palliative care, end-of-life care and advanced care planning, that’s so important for this population. We are talking about a frail senior population, nursing home eligible, and in many cases, they are within a few years of the end of their lives. We want to make sure that everything that they experienced in that time is consistent with their goals of care.

I would also say that, as part of care model innovation, we’re focusing a lot on addressing acute care needs. For example, when a chronic condition has an exacerbation without needing to rely quite as much on the emergency room or the hospital. This is very important because when frail seniors go to an emergency room, or go to a hospital, they often don’t have a great experience. They are exposed to potential risks, and sometimes things go wrong. They can develop ulcers, they can get infections, they can develop worsening of their confusion if they have cognitive impairment or worsening of dementia. Keeping them out of the ER and out of the hospital is one of our main goals. And then there’s providing care for their acute needs in the community setting or in our setting by bringing resources to them. We’re doing a lot of work around care model innovation in that way as well.

InnovAge is one of the largest PACE organizations in the business, and one of the few that have gone public. How has having that scale been advantageous, especially considering that the PACE penetration rate isn’t super high?

Whether public or privately-owned, all PACE organizations operate under the same federal and state regulatory framework, which is actually quite rigorous. We are all delivering a model that’s been defined by statute. That’s the commonality among providers, as we think about InnovAge and others.

I would also say that providers in the PACE community are incredibly mission-driven. That goes for InnovAge providers, as well, our physicians, nurse practitioners, physician assistants nurses and all the other clinicians on the care team. They’re incredibly mission driven. Again, that makes us similar to other PACE organizations.

From our perspective, scale is important. It has allowed us to make some pretty significant investments, like building new centers in new states, so that we can expand access to PACE nationally. Also, transitioning of our electronic health record. That provides advantages around integrated care planning, integrated teamwork, and some other aspects of the PACE program and PACE requirements that are now part of our common platform. Those are investments that are hard for a small organization to make, but we’ve made them because we believe they’re going to help us be a better organization and provide better services and care.

Why is the PACE Model so successful when it comes to caring for seniors?

The PACE model is successful because it’s designed to meet frail seniors where they are — providing what really is a concierge-like care experience to help them stay independent, as long as possible. That is the entire mission of PACE.

Another reason for its success is that it reflects the very best principles of geriatric care, including an interprofessional health care team, and highly personalized, patient-centric care. This is what geriatricians learn about when they’re in training, and dream of when they’re in practice, and that’s what we get to do each day.

What do you expect the PACE market to look like in five years, and what part will InnovAge play in expanding the model?

Our mission is to expand PACE opportunities around the country. We look forward to PACE no longer being the best-kept secret in health care, which is something that I think is fair to say today. That means that we want patients and prospective enrollees to know about PACE as an option. We want family members and caregivers to know about PACE more than they do today. We want policymakers who are looking for ways to improve the health care system and the care experience for seniors to think of PACE as a key element of those solutions.

The role InnovAge will play — the role we’ll all play together — is through greater partnerships across the health care system. We need greater partnerships vertically. What I mean by that is, from the hospital system, to post-acute care facilities, to PACE and community-based providers.

We need greater partnerships and integration, as well as horizontally across providers of care, so that we can share best practices. Even within the PACE community, where we are operating in different states and different counties, we need to collaborate as much as we possibly can, finding better ways to care for this population. That’s what’s going to make PACE even stronger over the coming years.

How does InnovAge work with home-based care providers? What value do these collaboration bring to your company? What can home health and home care providers do to better involve themselves in PACE?

Because of the mission and the very design of PACE, home-based care is an integral part of the model. It helps us keep our participants, and keeps people living in the community as long as possible. That is one of the key objectives of PACE.

We enjoy working with home-based care providers so that we can learn about our participants’ environments, what’s important to them, and also where the risks are that we need to mitigate. We can work to keep them safe for as long as possible. We can design our care plan around our participants’ goals, which often involve independence. In some states, we operate an internal department of in-home services, so those home-based care providers are very much a part of our team. In other states and locations, we partner with local providers and we tailor that to the local conditions and what’s needed by our participants.

[Home-based care providers] should get to know their local PACE providers and develop deeper relationships. They should seek to learn how the PACE model is different from the traditional fee-for-service referral system. With that different level of understanding, they can find better ways of working together to achieve common goals.

What are some challenges that seniors face that you believe home-based care providers and PACE operators should be coming together to solve?

One of the big challenges that seniors – and PACE participants – face is when they require increasing levels of support, because their frailty is worsening, or their chronic conditions are worsening. That happens over time. Sometimes the decision becomes whether to shift the participant or the patient’s location, from being independent in the community to maybe an assisted living facility, or even a nursing home. That may not be consistent with the participants’ goals of care, because as I said earlier, independence is why so many people sign up for PACE.

That raises the question, maybe other solutions can exist to address the increasing care needs, other than moving into a residential facility? Maybe creatively staffing senior housing settings with caregivers and providers that are accessible and even on-site. That could involve a partnership between the PACE organization and home-based care providers with an aligned objective of avoiding institutional placement whenever possible. That’d be an area that would be wonderful to work on.

Three to five years from now, what do you want to be able to say you and InnovAge accomplished?

There are a couple of ways of looking at that. From an operational perspective, we are focused on recruiting the best talent and having industry-leading clinician retention. That’s going to drive even better clinical outcomes, and participant satisfaction, which are key measures of success. I want to look back and see that we achieved that.

We also want InnovAge to be a key reason why, three to five years from now, vastly more people in our country have access to PACE where they live, and vastly more frail seniors are able to live independently for longer, through the best geriatric care and the best support that our health system can provide. I believe that’s PACE.

https://homehealthcarenews.com/2023/08/how-innovage-plans-to-elevate-pace-model-above-best-kept-secret-label/

Walmart to explore buying majority stake in ChenMed

 Walmart Inc is exploring buying a majority stake in ChenMed, a closely held operator of primary care clinics for seniors, Bloomberg News reported on Friday.

The companies are in talks for a deal that would value ChenMed at several billion dollars, Bloomberg reported, citing people familiar with the matter.

A deal could still be weeks away, the report said, adding that the terms are not finalized and talks could still fall apart. It is also possible a different potential buyer could emerge, it said.

Walmart and ChenMed did not immediately respond to Reuters requests for comment.

https://www.marketscreener.com/quote/stock/WALMART-INC-4841/news/Walmart-to-explore-buying-majority-stake-in-ChenMed-Bloomberg-News-44807254/

Nikola semi-truck catches fire in second incident in a week

 A Nikola electric semi-truck caught fire near the company's Phoenix headquarters in Arizona, it said on Friday, the second such incident this week involving the firm's vehicle.

The company's shares fell about 15% to 88 cents, and are down nearly 55% since Nikola announced in August a recall of all battery-powered electric trucks it had delivered and paused sales after an investigation into some earlier fires.

Earlier this week, another of its Tre battery-electric truck caught fire in Tempe, Arizona, which affected one battery pack.

No one was injured in both the incidents.

The latest truck to catch fire was a pre-production unit that was undergoing battery fire investigation and testing, the company said.

The company had suspected foul play when it started an investigation in June after trucks at its headquarters caught fire. However, last month Nikola cited a coolant leak inside a battery pack as the cause following the investigation.

A total of 209 battery-powered electric trucks were in the marketplace between dealers and customers at the time of the recall.

https://finance.yahoo.com/news/nikola-semi-truck-catches-fire-202958194.html

Why financial markets may be unprepared for a fourth-quarter 'inflation surprise'

 A prolonged strike by the United Auto Workers, who could walk out next week, is being seen as one big factor that could contribute to upside inflation risks through year-end and upset financial-market expectations.Joseph Kalish, chief global macro strategist, and research analyst London Stockton of Ned Davis Research, see the potential for a stretched-out strike to push up new and used vehicle prices, while encouraging other workers to demand more compensation. Kalish and Stockton have added emboldened unionized labor, along with rebounding medical costs, to the list of factors which could contribute to "an unexpected inflation surprise" in the fourth quarter and "keep the Fed in play before the year is over."Read:Stock market's 2023 run may hit roadblock after August's energy-led boost to U.S. CPI and United Auto Workers reject GM counteroffer -- and say 'the clock is ticking' for potential strikeHigher oil prices aren't the only problem facing the U.S. when it comes to inflation, and financial markets may not be fully prepared for a scenario in which price gains don't meaningfully budge from June and July's levels of around 3%, based on the annual headline rate from the consumer price index. Fed funds futures traders, for example, are mostly expecting no further action by policy makers this year and see a decent chance of interest-rate cuts beginning next May or June. Moreover, stocks DJIA SPX COMP are still posting year-to-date gains, in contrast to 2022's dismal performance for equities.

"There seems to be a lot of complacency in the markets and from policy makers that inflation will continue to drift down toward the Fed's 2% inflation target over the next couple of years," Kalish and Stockton wrote in a note on Friday. But after crude oil touched 2023 highs this week, they said that "the rise in energy prices will not only have a direct impact on inflation, it will propagate through to other goods and services."Market-based expectations for future price gains have remained relatively stable despite the run-up in oil prices, though inflation traders are now bracing for five straight months of 3%-plus readings in the annual headline CPI rate, including the one for August that's set to be released next Wednesday.A long strike by 146,000 UAW workers at the "Big Three" U.S. automakers -- General Motors (GM), Ford Motor (F), and Chrysler -- has the potential to send auto prices "soaring," according to Kalish and Stockton. Meanwhile, the fourth quarter is likely to usher in a reversal in pricing for medical care, a change which could have a greater impact on the Fed's preferred inflation gauge known as the personal consumption expenditures price index, they said. "Nobody who has gone to the doctor in the past 12 months believes prices have retreated." Derek Tang, an economist at Monetary Policy Analytics in Washington, said "there's been a lot of talk about things being at an inflection point, whether it be inflation falling or policy makers who could stop rate hikes. But that's very hopeful and could turn out to be wishful thinking.""We still have an economy that's super strong and resilient," Tang said via phone on Friday. "I'm especially thinking about wage growth being stubborn, which could sow the seeds for inflation further down the road. The Fed is hoping for inflation to fall away, but we don't have a framework for thinking about what happens in a stubborn-inflation scenario in which inflation is stuck at 3%."

https://www.morningstar.com/news/marketwatch/20230908512/why-financial-markets-may-be-unprepared-for-a-fourth-quarter-inflation-surprise