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Message: <blockquote data-quote="fishtm2001" data-source="post: 5406385" data-attributes="member: 54375">" I just think that things like inflationary episodes (and pandemics) can last longer than you think. This is why I remain stubbornly on Team Transitory. At most the Fed should be slowly and calmly raising interest rates. At best they should probably be doing nothing while we wait to get a better idea of how everything is going to play out. After all, inflation is already subsiding before anything they've done has had any effect, and I'll bet it will continue to. But watch out for 2023 when all those interest rate hikes suddenly kick in just when we don't need them."Kevin Drum</blockquote>