Why do Paul Krugman say that pulling off a return to acceptable inflation will be tricky?

Because hitting desired economic targets is hard, even when the fundamentals are on your side. 

We don’t really know what level of gross domestic product is consistent with full employment, nor do we know how high interest rates will have to go to hit any given level of G.D.P. 

The Fed will adjust its policies based on incoming economic data, but monetary policy acts with a substantial lag, so it can be many months before we know whether interest rates are too low, too high or just right.

But 2022 isn’t 1980: Inflation hasn’t become entrenched. So while there will surely be some bumps along the way, there’s a pretty good chance that the Fed can let us down easy.

Paul Krugman 1 February 2022

https://www.nytimes.com/2022/02/01/opinion/inflation-recession-us-economy.html

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