The FOMC in May missed this development and only referred to some earnings reports being negative. I think this will hit the news and financial information by Q2 earnings reporting in July and August 2022.
That is...if the weakness in earnings continues. It is possible that companies sell more products and services, serve more digital customers, and keep things rolling in the USA.
A look at today's stock markets makes me think the 'gravy train' has pulled into the station.