I think you’ll get that 1/16” back quickly and then make some good progress over the next month or two.
At the end of February I was overtrained and due for another break. However, instead of jumping into it cold turkey again I’m trying something else first: plenty of rest between moderately intense workouts. I don’t have a set routine, but so far it’s been something like 1 on, 2-4 off. I’ll give this a month.