A Reality Check and a Myth-Exposing Exercise

We are not going to hide from the faulty calls we made during COVID-19 and its immediate aftermath.

We are not going to hide from the faulty calls we made during COVID-19 and its immediate aftermath. We had thought that the inflation craze was going to be “transitory,” and I suppose it is up for debate, in the overall annals of economic history, whether 18 months fits that bill. That said, we (and we were not alone) never believed we could go from zero on the inflation rate to even one month of 9% in the summer of 2022.