Heres some more detail, from the horses mouth:
www.atlantafed.org/news/speeches/2021/10/12/bostic-the-current-inflation-episode
Bostic says the pandemic has turned inflation on its head. The elevated inflation dynamics today are very different from what they were in the months prior to the pandemic.
Bostic says he and the Atlanta Fed believe that “episodic” better describes pandemic-induced price swings than “transitory.” By this, he means these price changes are tied specifically to the presence of the pandemic and will eventually unwind by themselves.
He points out, though, that it is becoming increasingly clear that the intense and widespread supply chain disruptions that have animated price pressures will not be brief.
Bostic believes the real danger is that the longer the supply bottlenecks and attendant price pressures last, the more likely they will shape the expectations of consumers and businesspeople, shifting their views on pricing and wages in particular.
h/t wtt90