I don't think so. People don't give Jerome Powell the credit he deserves. I think he (and the Fed as a whole) will stick to their guns, they'll raise rates and keep them high for much longer than people expect. And they'll put a lid to inflation pressures. Of course, they'll be criticized by lots of armchair quarterbacks that they are destroying the economy, they are lackeys of the rich, or god knows what, but they'll do the job they are supposed to do, fight inflation. They've been doing this for more than a year now.

US inflation got to 14% in 1980 and people cried bloody murder. It hasn't gotten that bad yet this time around, but I don't think there is much appetite for hyper inflation in the USA, let alone a repeat of the 70s.

Relative to what currency exactly?