One quick thought that just occurred to me is that we are pinning this "transitory" narrative on the idea that the situation will probably improve in the partic

One quick thought that just occurred to me is that we are pinning this "transitory" narrative on the idea that the situation will probably improve in the particular industries with currently exploding increases in inflation. E.g. used cars. But perhaps there will be a series of surprises where once the problem is solved in one industry, a new problem pops up in another industry. I.e. perhaps we get a series of rolling inflation explosions in different industries. E.g. I'm hearing a lot of macro investors going long on oil because they believe there is likely to be simultaneous increasing demand (China) and decreasing supply (ESG investors forcing oil companies to wind down). It seems like that could start to pick up steam once the used car situation is resolved.