There was plenty of reason to believe inflation would be transitory back in the summer when it looked like Covid was on its last legs with the distribution of v

There was plenty of reason to believe inflation would be transitory back in the summer when it looked like Covid was on its last legs with the distribution of vaccines. We are however in February now, and people are still not back in offices, demand for consumer goods vs services is still much higher than pre pandemic, China is shutting down some of the biggest ports in the world for weeks on a moments notice, and supply chain issues abound. The bigger issue now is how many of these factors simply represent a new normal.