The Fed should just follow the forum at this point, they would be weeks ahead of where they are now. Anyway, expect even more revision down.
As long as people expect higher prices, prices will go higher. They need to see prices of the things they buy everyday going lower. And soon. This is not about actual inflation, now it's about what people expect.
There are a lot of shell games that some of these clowns play. In order to say what the people want to hear, they often give the impression that "transitory inflation" means reverting back to lower prices. That may or may not be true according to the actual situtation. For example if gas goes to 10/gallon this year. And stays at 10 next year the Biden bootlickers will be crowing about how they have brought gas prices to 0 inflation next year. Ahh, not what the people have in mind. And while we are on the topic, the other little lefty-speak that is creeping into the public discourse is that "we are not worse off than Europe." Nope, that dog don't hunt for lots of people or should not. The Europeans have long fucked up their economy such that inflation and the price of gas were jaw dropping to what Americans were experiencing. Now, under the lefty regime we are all supposed to be happy when we are "just like Europe" or that that should be the yardstick. What comes next. "Just like Latin America." set/flame = off
As the expression goes: "If you lay all the economists in the world end to end, they would still not reach a decision."
Edit: sorry, I read your statement wrong. What I was responding to was more in line with going to 3.4 in 2022 is a big deal. In the scheme of things, yes! It’s the difference between buckling your seat belt for a landing and putting your face in your lap with oxygen masks hanging down. It is a full steam ahead damn the torpedoes statement. What I will say is, I do respect the decisive statement put out by the Fed. They have chosen their path it seems and whether I agree or not, it’s not shaky. There’s a clear path.