Goldman Sachs is taking a somewhat contrarian view on the longer-term outlook for inflation.

The global banking and investment giant is expecting a core inflation rate of 4.3% in the U.S. at the end of this year, followed by a drop to 3% in June 2022 and 2.15% by December 2022.

Yahoo!Finance editor Brian Sozzi points to several factors informing Goldman Sachs’ analysis:

“First is an improved supply of semiconductors as manufacturers such as Intel and Taiwan Semiconductor ramp up production. Second, a better supply of labor that will likely help tame hourly wage inflation. And lastly, the wind down of U.S. port congestion which should mean a tempering in freight costs and potentially, fewer prices increases by companies.”