The federal reserve assumed that the high inflation was related to the sudden reopening of the US economy after the Covid shut down and the term they used was transitory. During the Covid shut down, the Feds pumped $750 billion a month into the economy in what is called quantitative easing and this lead to easy credit as banks had more money to lend out. This led to the economy being able to function during the Covid shut down but may have been a factor in the current issues and the Federal Reserve has been tapering things off.

*Why was the Federal Reserve reluctant to suddenly end quantitative easing, even with the current high inflation?