There are hints that the worst of the U.S.'s bout with inflation may be in the past.
The consumer price index, a widely watched inflation gauge, came in at 7.7% in October when compared with a year earlier.
Inflation can be very hard to predict," Kevin Kliesen, business economist and research officer at the Federal Reserve Bank of St. Louis, told CNBC in an interview.
However, any potential downturn is expected to be mild, The Conference Board CEO Steve Odland told CNBC.
This could be a much less painful experience with the Fed trying to tame inflation than it has been in the past," Odland said.