I don't we're there yet, harley - - - - - but we're getting there. Any kind of public panic always fades away. I have never thought the panic was ever caused by experienced gun owners. I believe the bulk of it was caused by those who didn't own a gun, saw the hand-writing on the wall, and decided to get with the program. And the same is true of ammo.
But I think a non-shooter, who now owns a gun, maybe took it to the range once or twice to try it out, and probably started stockpiling some ammo. Which, IMHO, for a non-shooter, is probably about 10 boxes. Yes, we TAers only seem to be comfortable when we have 5000 rounds on the shelf, but non-shooters think differerntly. So with the non-shooters armed and ammo'd up, I think it will slowly return to normal.
WE, the experienced shooters, will keep it going for a while, unintentionally, because we'll keep grabbing all the ammo we can. That's just human. I've bought stuff I did NOT need, because there was a box on the shelf. Until, we too are sure that supplies are normalizing. then we'll go back to our normal buying habits. This may take another 12 months, though.
Just my $ .02