The only inflationary data that has dropped is in the energy space (that and used cars).

The only reason energy prices have dropped is because A) China was in lockdown for Zero Covid and B) the Biden administration dumped 250 million barrels of oil onto the market.

Both A) and B) are over. China has reopened and the Biden admin has already depleted the U.S.'s emergency stash of oil by 40%.

The markets are confirming this, with both oil and gasoline prices bottoming in the last two months. 

Today we're talking about another type of inflation: asset price inflation, specifically financial conditions.

Fed Chair Jerome Powell has stated multiple times (most recently on December 14th 2022) that the Fed focuses on financial conditions.

See for yourself.