Some 15 months after the Federal Reserve started insisting that inflation was transitory and that we shouldn’t worry much about it, the rate of consumer price increases stands at a damaging 9.1 percent and, so far, has become the most consequential economic, social, political and institutional issue of 2022. This unfortunate setup will result in an aggressive interest rate hike on Wednesday by a Fed scrambling to catch up with realities on the ground. As it tries to do so, however, the inflation issue is evolving once more and, due to the growing risk of recession, is again likely to catch the Fed offside. What started out as inflation driven by a readily identifiable set of exogeno
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