On Wednesday the world learned that the US consumer price index had risen to 6.2 per cent in October — its fastest annual pace since 1990.
Inflationistas like Steve Hanke were indignant that US inflation was not a transitory supply chain problem. “Shifts in consumer spending have resulted in broad-based price increases across expenditure categories” because “the incompetent Fed has produced a massive amount of excess money,” he proclaimed.
You’d think the news would constitute a fairly disabling blow for “Team Transitory” — those who believe inflation effects are short-term consequences of pandemic-related supply shocks — in their ever intensifying battle against the inflationistas on Twitter.
Team transitory won btw. pic.twitter.com/7CEwdC11h7
— George Pearkes (@pearkes) October 13, 2021
But no. Team Transitory haven’t given up the ghost yet.
What’s more, on Thursday, they had the Bank for International Settlements, by way of…