The omicron variant added renewed stress to global supply chains through the busy holiday season, but signs of improvement in the US and Europe indicate the bottlenecks may soon be past their peaks, according to Bank of America.

A handful of encouraging data points has begun to point towards an easing of the painful hurdles that have gummed up trade, nudged shipping costs higher and spurred an inflationary burst through the pandemic that has prompted central banks to consider tightening monetary policy.