My column today explains why it’s not a kind of inflation the Fed is equipped to handle:

If any pollster ends up surveying the least popular words of 2021, “transitory” and supply chain” might make the list just behind “inflation.” What makes our situation so frustrating isn’t just that we haven’t seen a string of monthly price increases like this one in decades. It’s also that the type of inflation we are experiencing is particularly painful. . . .