The Supply Chain Problem

In october, i wrote that the transitory argument was a misstated because supply chain problems whether its labor shortages, or the situation in asia with the chinese, will all last a lot longer than they were implyingt time. What's changed is the tune in washington. Jerome powell, the chairman of the federal reserve, has walked that back. An actually fed policy has begun to change, which shows that they're taking this inflation much more seriously than seemed to be the case in october when i produced that article.