Inflation Isn’t Going Anywhere. History Says It Could Take a Decade to Get Back to Normal.

Winning isn’t everything, it’s the only thing, according to the sports cliché. But now, just beating expectations seems to be enough to declare victory.

A company tops earnings estimates after management lowers its guidance; “Great quarter,” analysts cheer on the conference call. Your team is beaten by less than the point spread; you collect on your wager. Your political party loses fewer seats than predicted in congressional midterms, but likely surrenders control of at least one chamber; it’s a win, crow the party’s leaders.