BIDEN’S ’70S SHOW: Bond Market Faces Reckoning From Inflation Boomerang.

Inflation can be thought of as a play in three acts. The 1970s are considered an imperfect analogy for today, but it in fact captures much of the essence of inflationary episodes.

In that period, we had the initial burst of inflation due to overly loose fiscal and monetary policy in the late 1960s. Then there were rate rises and a recession leading to a fall inflation, and a premature belief the worst was over. This was followed by a resurgence in CPI in the mid-1970s, ultimately requiring the Volcker rate sledgehammer to pacify it.

Today, however, that time period could be considerably compressed – with inflation beginning to rise again in as little as six months.

Much more at the link.

I’d add that there’s more inflationary pressure built into Biden’s “infrastructure” spending that hasn’t really kicked in yet. Worse, much of that will prove to be malinvestment that destroys the productivity gains the economy needs to catch up to Washington’s obscene money growth.