A new "barometer of global supply chain pressures" from the Federal Reserve Bank of New York suggests that "global supply chain pressures, while still historically high, have peaked and might start to moderate somewhat going forward."

If so, it would ultimately be good news for the economy. However, whether there would be significant near-term help for commercial real estate is less certain.

Here's how the New York Fed describes the index, which it calls the Global Supply Chain Pressure Index, or GSCPI:

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