Dee Feat is in Dee Flation - part the forty seventh

Well, at least one Fed official is reading these missives. :) May be not. But one has told the truth about how this bout of inflation came about.

But the price pop was driven by a combination of high demand and supply constrained by outside shocks —€mainly the pandemic and the war in Ukraine — rather than by wages and shifting expectations traditionally thought to drive lasting inflation. It is easy to think of the burst in terms of ride-share surge pricing, Mr. Kashkari said: Prices jumped, profits increased, and wages picked up, but there just wasn't enough supply to bring the market into balance.
[my emphasis]