The U.S. administration is in the hot seat, as prices for food and multiple consumer items are rising at a rapid clip and a massive supply-chain breakdown has exploded nationwide.
This combination of demand-pull and cost-push factors, together with the very rapid rate of increase in U.S. house prices and rents, makes it "very likely" that inflation will prove to be "much longer lasting and more intractable than the Federal Reserve would have us believe," Lachman noted.