> Transient in this sense only applies if we're taking about fractions of a decade, not fractions of a year. I don't know the answer to this, but if the choice

> Transient in this sense only applies if we're taking about fractions of a decade, not fractions of a year. I don't know the answer to this, but if the choice is either let inflation run hot like this for another couple of years or engineer a recession, is there a clear policy answer? The benefits of a hot economy seem to outweigh the downsides from the perspective of high employment, but perhaps not in other ways. Just 2 years ago, the worry was whether we would end up in a deflationary spiral and have no real policy levers to exit. Given the lag time for any policy response to take effect, it seems really hard to get correct. I definitely don't envy anyone who's making policy decisions on this.