Economic soothsayers are a waste of effort. What % of their predictions actually come to fruition? Has anyone ever found Harry Truman's elusive 2-handed economist?
Inflation has not been transitory.
The Inflation Reduction Act has not reduced inflation.
Economic models do not account for Black Swan Events - 2008 Banking Crisis, 2020 Covid19-SARS2 pandemic, Russian invasion of Ukraine, etc.
There are many ways to combat inflation that include:
1.) reduce money supply (Fed raising rates)
2.) reduce demand (Austerity)
3.) increase supply
The Biden Admin is actively preventing #3 by sanctioning US domestic energy producers.
The Biden Admin's policies are making inflation worse and prolonging it.