I HAD BEEN ASSURED THAT INFLATION WAS ILLUSORY, TRANSITORY, A HIGH-CLASS PROBLEM, AND OVER ALREADY: IMF lowers outlook for US economy while warning of slower disinflation. “The Federal Reserve is also expecting relatively weaker employment next year, with the unemployment rate rising to 4.2 percent from its current level of 4.1 percent, according to the Fed’s latest summary of economic projections.”

Employment — as measured by full-time, private-sector jobs — already sucks and has since the Biden “recovery.” And so does the labor participation rate, which has yet to recover to pre-lockdown levels.