no, they were completely wrong on this full stop. The fed had to do an aggressive rate hike. By your logic the great depression and great recession was also transitory*
Yeah, I think one big difference between the “transitory” and “not transitory” camps is that the former camp tended to take “the Fed will continue to exist and engage in monetary policy in response to economic indicators” as a given, while the latter either a assumed no monetary response or vastly underestimated the effectiveness of monetary policy response.
> By your logic the great depression and great recession was also transitory
Even with policy intervention, neither of those resolved quickly, so, no, by the definition by which the post-COVID-recession inflation surge appears to have been transitory, those would still not be transitory.