Transient Inflation What if the Consensus is Wrong?

Inflation angst abounds despite the consensus view that the recent spike in inflation will be temporary. The Federal Reserve (Fed) has been steadfast in reassuring financial markets the higher inflation of the last several months will be transient. But, how can anyone be so sure about the future? And what if the Fed and the market consensus are wrong? At the core of the inflation debate is the convergence of monetary and fiscal policies in the United States.