Seeing as initially, inflation was primarily driven by Covid-related supply chain issues, which itself would have been 'transitory', I think it was quite reasonable to call the resulting inflation 'transitory' as well. Crucially, inflation is in part also a social phenomenon, as far as I understand it: if I expect prices to rise, I have to try and price that in, resulting in rising prices. Therefore, the initial attempt of keeping people's inflation expectations in check might have done us all a favor, because it could have worked out.
The situation changed when a war broke out in Europe at the end of February, and I don't think it's fair to hold Yellen et al accountable for not taking that into account beforehand.
The situation changed when a war broke out in Europe at the end of February, and I don't think it's fair to hold Yellen et al accountable for not taking that into account beforehand.