Is it that clear though?

The days when we once thought that CPI inflation (and asset bubbles) would never occur again, even if the monetary and fiscal stimulus spigots were wide open, are likely behind us.

It may be that subtle, but not insignificant, inflation pressures remain with risks of surges the norm if we are not monetarily and fiscally prudent. That could really restrain future use of monetary and fiscal policy at least in the near-medium term.

It looks like we can’t always take the easy way out without long terms consequences after all…