Following the FOMC meeting last week and Fed officials speeches this week, the message to markets is clear: currently high inflation is transitory.  We invert the problem and ask: what if it's not transitory and what might this look like? Stephen Roach, who served on the research staff of the Federal Reserve Board during the 1970s inflation episode, explores the thinking at the time in his insightful article, The Ghost of Arthur Burns.

‍The Ghost of Arthur Burns article can be found here: https://www.project-syndicate.org/commentary/fed-sanguine-inflation-view-recalls-arthur-burns-by-stephen-s-roach-2021-05