There are many worse outcomes than a few years of moderate inflation, say in the 4% to 5% range

 How will central banks react if, and when, they begin to discover that their forecasts and models have been systematically wrong? ... A sudden shift of policy would be horrendously risky.... We could get a depression of an awe-inspiring scale. 

There are many worse outcomes than a few years of moderate inflation, say in the 4% to 5% range. 

Even if central bank credibility takes a knock, one could always blame unforeseen events and/or the policies of predecessors.   

Charles Goodhart, Manoj Pradhan VOXEU 25 October 2021

https://voxeu.org/article/what-may-happen-when-central-banks-wake-more-persistent-inflation

We may face the worst policy-induced economic calamity since the Smoot-Hawley tariffs triggered the Great Depression

John Mauldin 29 October 2021

https://englundmacro.blogspot.com/2021/11/we-may-face-worst-policy-induced.html