The Fed is already seriously lagging developments on the ground and their policy imperatives

First, the question is not whether some of the more powerful drivers of inflation will lose their potency; they certainly will. It is whether this happens after they plant the seeds for a broader inflation dynamic, which they are already doing.  

Second, the question is not whether this broader inflation dynamic will eventually reverse; it will. Rather, it is about limiting the damage that occurs during and after such a reversal.

Mohamed A. El-Erian Bloomberg 12

https://www.bloomberg.com/opinion/articles/2021-12-12/fed-meeting-central-bank-needs-to-go-beyond-doubling-its-taper-rate

Can the Fed Overcome Its Transitory Policy Mistake?

Mohamed A. El-Erian Project Syndicate 2 Decenber 2021

https://englundmacro.blogspot.com/2021/12/can-fed-overcome-its-transitory-policy.html