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Nope, they failed when they didn't put the brakes on when inflation blew past 3%. They were "trying not to shock the market" but they were probably dragging the

Nope, they failed when they didn't put the brakes on when inflation blew past 3%. They were "trying not to shock the market" but they were probably dragging their feet worrying about political blowback. Others were predicting that inflation would stay high and continue to increase along with energy prices. They only acted once it became undeniable that it was never going to be transitory. https://www.forbes.com/sites/adamstrauss/2021/07/30/here-are-six-reasons-why-inflation-will-not-be-transitory/?sh=22148ac59ca8 https://www.forbes.com/sites/adamstrauss/2021/07/30/here-are...

spywaregorilla 4y ago
There is no counterfactual to suggest anything is not transitory independent of the shit that's gone down. And the shit that's gone down has clear and undeniable inflationary effects. That's the short of it.
- throwaway4aday 4y ago
  Cool story, but just take a look at the 5Y, 10Y or even 25Y chart for US inflation and 2021 instantly becomes a big outlier. Compare it to other inflationary spikes in the 70s or 80s and it's pretty obviously the start of something big. You'd have to be blind or politically compromised to state otherwise. https://tradingeconomics.com/united-states/inflation-cpi https://tradingeconomics.com/united-states/inflation-cpi
  - spywaregorilla 4y ago
    Fortunately there's an xkcd for that https://xkcd.com/2502/ https://xkcd.com/2502/
    - throwaway4aday 4y ago
      Not sure if this is a rebuke or an agreement. The alt text seems to agree with me now that we've shown that 2022 is most assuredly not normal, we're going to need a lot more symbols. Seriously though, massive worldwide events have massive worldwide consequences which are very often long lasting. It's also a bit of a no brainer that flooding the economy with even more cheap money on top of supply chain disruptions would result in severe inflation for as long as at least one of those conditions remained. They've finally put the brakes on with beginning to raise rates but they can't control the supply chain so that's likely to keep things in turmoil for as long as it takes for things to straighten out or crash and reboot.

spywaregorilla 4y ago

There is no counterfactual to suggest anything is not transitory independent of the shit that's gone down. And the shit that's gone down has clear and undeniable inflationary effects. That's the short of it.

throwaway4aday 4y ago
Cool story, but just take a look at the 5Y, 10Y or even 25Y chart for US inflation and 2021 instantly becomes a big outlier. Compare it to other inflationary spikes in the 70s or 80s and it's pretty obviously the start of something big. You'd have to be blind or politically compromised to state otherwise. https://tradingeconomics.com/united-states/inflation-cpi https://tradingeconomics.com/united-states/inflation-cpi
- spywaregorilla 4y ago
  Fortunately there's an xkcd for that https://xkcd.com/2502/ https://xkcd.com/2502/
  - throwaway4aday 4y ago
    Not sure if this is a rebuke or an agreement. The alt text seems to agree with me now that we've shown that 2022 is most assuredly not normal, we're going to need a lot more symbols. Seriously though, massive worldwide events have massive worldwide consequences which are very often long lasting. It's also a bit of a no brainer that flooding the economy with even more cheap money on top of supply chain disruptions would result in severe inflation for as long as at least one of those conditions remained. They've finally put the brakes on with beginning to raise rates but they can't control the supply chain so that's likely to keep things in turmoil for as long as it takes for things to straighten out or crash and reboot.