No. And neither do people who have to deal with billions of dollars worth of US bonds, given that 10Y Treasury inflation expectations have peaked and are currently going down:
Of course the economy is dynamic, so we'll see what happens when things continue to open up as people get vaccinated. Things may have to be slowed down: but a 'too hot' economy is a nice problem to have, versus the alternative of a too slow one where there's lots of people that are unemployed.
Pre-pandemic the US unemployment rate was at 3.5%; it's currently at 5.8%:
* https://fred.stlouisfed.org/series/T10YIE
The Market™ (currently) thinks this is transitory. See also 5Y:
* https://fred.stlouisfed.org/series/T5YIE
Of course the economy is dynamic, so we'll see what happens when things continue to open up as people get vaccinated. Things may have to be slowed down: but a 'too hot' economy is a nice problem to have, versus the alternative of a too slow one where there's lots of people that are unemployed.
Pre-pandemic the US unemployment rate was at 3.5%; it's currently at 5.8%:
* https://fred.stlouisfed.org/series/UNRATE
I wouldn't be surprised that the desire is to get that lower before considering applying the brakes.