And given the actual inflation story, calls for the Federal Reserve to raise interest rates to cool off the economy look premature at best.
Paul Krugman NYT 19 November 2021
Inflation: is now the time to get worried?
Policymakers are divided over whether rising prices are temporary or permanent. A wrong response could derail the recovery
“team transitory” is in an increasingly fierce battle with “team permanent”.
Chris Giles FT The Big Read 19 November 2021