We warned about the coming wave of inflation in February 2021, when year-on-year CPI inflation was still below 2 percent, at 1.67 percent. We then followed up with this:

Inflation is way too high given exremely easy financial and monetary conditions.  There will be blood…The Democrats should begin to worry. – GMM,  June 11, 2021

Inflation is one of the most insidious and pervasive of all economic indicators, as it affects all Americans, albeit some more than others. We don’t second-guess the economic policy response to the pandemic, but the monetary authorities erred by keeping the liquidity spigot open for too long.