They are considering this "Transitory" meaning they think it will drop with no changes to the Fed's behavior. Yes, 4.2% is high inflation, but it has been lower

They are considering this "Transitory" meaning they think it will drop with no changes to the Fed's behavior. Yes, 4.2% is high inflation, but it has been lower then target for years now, so you might consider this "reflation", or higher then normal inflation in order to catch up to normal after years of lower then normal inflation. Also, as another comment points out most of this increase comes from increases in used automobiles, gasoline, and airline fares. This can all be explained by supply issues and large drop in those item last year at this time. The Fed's behavior have minimal effects on that.