The Fed on Inflation Since 2021:

1. May 2021: Inflation is "transitory"

2. Dec. 2021: Inflation may not be transitory

3. Jan. 2022: Inflation should fall to 2.5% in December 2022

4. May 2022: Inflation should fall to 4.3% in December 2022

5. Jan. 2023: Inflation will hit…