Inflation Finally Drives a Stake Through ‘Transitory’

(Bloomberg Opinion) — Wall Street is finally getting the message that inflation isn’t going to go away easily. For all the signs that price pressure was spreading, wishful thinking had pervaded the markets for much of May: Bond yields dropped, stocks rallied and the soothsayers started to suggest that the Federal Reserve might be able to stop raising interest rates in September. In a sense, the idea that inflation was “transitory” n…