There's a widespread interpretation at present that the fed has made this huge break with tradition to become dovish or tolerant of inflation. The reality, though, is way more complicated and monetary policy makers only hold to this position because they feel that it's cost free for them to do so. In recent senate testimony, fed chair jerome powll said that the current bout of inflation isq not tied to the things that inflation is usually tied to,. which is a tight labor market, a tight economy. This is a shock going through the system associated with the reopening of the economy.