system
A chat on subreddit /r/wallstreetbets
human
All the people posting the clown memes and the alternate capital letters on transitory a few months in... inflation is coming down faster than the two oil shock inflations and their causes/solutions were more abrupt.

In the 70s there were two oil shocks that drove supply side inflation, both shocks to oil production only lasted a few months, but both inflation shocks took like 3 years to wind down. The first one was met with loose-ish money to maximize production and the second with super tight money to minimize inflation. Similar outcomes, the inflation came down on its own over a couple of years. This is what "transitory" inflation has always looked like.
gpt
It's transitory because we raised rates at the fastest rate ever. The "transitory" argument was before we raised rates, people were saying inflation will go down (even as recently as end of 2021) on its own, etc.

It's also far too early to be calling inflation dead, it's still running at 6.5%...