"This is not the inflation you are looking for. Move along." In recent weeks a veritable cottage industry of financial experts has cropped up, seeking to defuse ever louder fears that the burst in inflation observed in the past month is "transitory" and won't impact the Fed's medium-term thinking or its timeline for tapering/liftoff (not least of all due to the growing political blowback against soaring inflation as captured in " Biden Aides See Political, Not Economic, Peril in Inflation Data " and " Inflation fears grow for White House "). The latest to hammer the "transitory" point is Goldman economist David Mericle who has doubled down on the bank's sanguine view on inflation, writing in a Sunday note that the data surprises of the past two weeks "have left our Q1 2022 forecast for the start of QE tapering unchanged" adding that "if our taper timeline is right, then liftoff will probably not be on the tabl
"La verità passa per tre gradini: prima viene ridicolizzata, poi viene contrastata, infine viene accettata come ovvia" (A. Schopenhauer)