The challenge with discussing the economy on a board like this is partisan drives most discussions. If we took all the politicians/political party's out of the discussion and just spoke about what would we expect to happen to the economy if we essentially just shut it down for several months? I think most would say you'll probably have a recession, which we did, and then with the help of stimulus it will rise up fast upon reopening, which it has. And then inflation is included in that as well.
But the Fed said exactly what you did, that inflation would be transitory. That has turned out to be very wrong. It's not gone away and with the events overseas aren't helping in any way. The Fed is raising rates to deal with inflation but there is risk in that if they overshoot it will slow down the economy and possibly put it in recession. Of course they don't want inflation staying high either so they've put themselves in a tough spot.
I'm smart enough to know that there is a lot I don't know, so I'm not trying to pass myself off as some expert here. But I believe what I'm saying is accurate. This is the economic challenge we face.
As for voters, most have little to no knowledge of the Fed and the role they play in the market/economy. Therefore they give all credit/blame to the President. But they do see inflation and so far have recognized it's not been temporary.
