January 7, 2022, Opinion: "As 2021 ended, Team Transitory was in retreat in the US. The rapidly accelerating inflation predicted by economists including former Treasury secretary Lawrence Summers and former IMF chief economist Olivier Blanchard had appeared. Consumer prices rose 6.8 per cent in the year to December, the fastest increase since 1982. By their December 15 meeting, even the Federal Reserve policymakers who had counselled patience were worried. Minutes of the meeting, released this week, reveal discussions about raising interest rates and shrinking their balance sheet faster than markets had anticipated. "

MRCBG Senior Fellow - Megan Greene