How can inflation be transitory if supply chain disruptions are here to stay?

How often have we been told by people who cannot see beyond their noses that “everything is under control”? The latest example of such myopia is the attempt to brush off inflation as ” transitory ” when clearly, it almost certainly is not. The complacency and faux confidence exhibited by the US Federal Reserve and other central banks about inflation surely means their fear of alarming markets – and the possibly dire consequences for bloated asset prices and global debt – has overcome prudence. The “transitory phenomenon” theory holds that the recent inflation surge in wholesale and, to a lesser…