Fed, Interest Rates, and Inflation

[easyrider16]

Do you agree with the Fed that inflation is transitory? Should the Fed start tightening sooner rather than later?

Seems to me that most of the inflation spikes we are seeing right now are going to be transitory as they seem to be largely a result of supply chain disruption. Same goes for wage earners, I think there's a lot of disruption there what with enhanced unemployment and all of that. But the economy seems strong, and I don't think there's a need for the Fed to continue its bond-buying.

I am somewhat skeptical that after pumping so much money into the economy through stimulus and Fed bond buying that there won't be some kind of long-term inflation. But Powell seems to subscribe to the Cathy Wood school of thought, that we're in a deflationary environment so all this money-printing is not going to significantly impact inflation in the long term. Maybe they're right, but there's lots of people in the other camp saying that inflation is going to be an issue.

What say you?