Elevated Inflation: Transitory or Taken Root?

Overview

Inflation has consistently been described as “transitory” over the past several months, most notably by the Fed. This is a sentiment echoed by many other analysts, who point to pandemic-induced supply chain snarls and the rapid recovery of consumer demand as temporary drivers causing most of the increase. However, with “transitory” inflation already proving more persistent than initially expected and forecasts calling for it to last at least into 2022, there are growing doubts about this narrative.

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