Commentary  Will inflation turn into stagflation? With inflation hitting 40-year highs, it’s the question of the hour. Currently, Wall Street and the Fed are saying no, forecasting a respectable 3.7 percent real for 2022, 2.7 percent for 2023, and 2.3 percent for 2024. These aren’t epic prints, but they’re also nowhere near recession. Of course, that same dream team of Wall Street and Fed missed inflation to an epic degree last year: in mid-October of 2021, the Wall Street Journal’s survey of economists were predicting 5.25 percent inflation by December—just two months later. Actual consumer price index in December was an annualized 9.5 percent, and it was 7.1 percent on a year-on-year basis. That’s pretty embarrassing for a two-month prediction of a large aggregate like inflation. Incidentally, in that same survey, the median economist predicted supply chains will be cleared by June this year—just 4 months to go. So we’ll see if they’re similarly deluded …