> psychology of inflation is different than the past, because people have so little experience with it and don’t really believe in it. This is called second ro

> psychology of inflation is different than the past, because people have so little experience with it and don’t really believe in it. This is called second round effect and it will come later, when people will spend and demand wage raises no matter what actual inflation rate would be then... This is excatly what central banks are trying to avoid by cooling economy before inflation expectations got anchored and lead to inflaton spiral (in economic lingo)