Inflation is a consequence, and inflation has consequences. The impact of such a statement on the markets, even though the statement was qualified with doubt, was instantaneous. Right now, it is pretty clear the Fed and the Federal government are “all-in” on this inflation being transitory, and the very nature of the word “transitory” means that some time must pass until they know whether the inflation is in fact transitory, or not, and if the inflation is not transitory, wouldn’t the financial interventionists already be behind the curve in fighting the inflation?