Commentary It was nice while it lasted. For months throughout 2021, the Fed wrestled with a brewing inflation storm—first trying to downplay it by calling it transitory, hen little by little changing their tune, talking about the possibility of tapering their quantitative easing (QE) program, and occasionally suggesting that higher rates might be in order. In last year’s address from the Fed’s Jackson Hole shindig, Chairman Jay Powell said, “History also teaches, however, that central banks cannot take for granted that inflation due to transitory factors will fade.” The soft pedaled message was basically, we’re going to be looking to tighten monetary policy in 2022, or maybe not. Then, as inflation numbers soared out of hand, they got serious—doubling up the QE taper and now talking about a rate hike or two in 2022 out loud. Still, all the while the market called a truce, calmly soaking in all the …