Read the following article (it is a bit long, but a quick read and it has a ton of great information in it).

Answering the great inflation question of our time

Answering the great inflation question of our time. The current debate over inflation really revolves around two questions: First, is this current spate of inflation, just that, a spateor to use Wall Street's buzzword of the moment? And second, transitory inflation or not, what does it suggest for the economy and markets?

Do you believe the inflation we are currently experiencing is transitory (temporary) or do you believe the conditions exist for it to turn into runaway inflation? Do you agree with the Feds recent (in)action on this matter? Please use outside sources to bolster your argument.