Today’s show is a little bit of a retraction, or perhaps a refinement of something we have covered last year.

The US Federal Reserve had it right. The economists working for the Fed in 2021 suggested that the inflation we were experiencing was transitory. That was the word that they used. J Powell said it. Janet Yellen, Treasury secretary said it. Many including myself at the time didn’t believe it. In fact, in the end, even the Fed didn’t believe it and had to course correct.