Inflation not likely to be 'transitory'
Webster suggests transitory means "temporary," "not persistent." Therefore, Biden's inflation for all purchases is only for a brief period of time whereby the prices of goods and services increase, but it does beg the question: what happens next?
While the Democratic-controlled U.S. House has federal minimum wage of $15 per hour legislation ready for consideration, it's not federal law. However, with the Biden administration paying people to stay home during the COVID pandemic, the returning workforce wants an incentive to comeback. Therefore, small businesses need to pay more than $15 per hour, partly due to inflation pressures.
Thus transitory inflation leading to higher food and gasoline prices can return to near normal after all 332,915,073 people in America are vaccinated per Biden's mandate? I don't think it will happen, for you never ever heard of a business say "sorry I raised my prices due to increased costs from suppliers and I'll return to previous prices."
The Federal Reserve is America's central bank "but the Fed doesn't have a printing press that cranks out dollars"; only Biden's U.S. Department of Treasury can do that. Oh, is that how President Biden keeps whispering loud enough to hear that his Built Back Better (BBB) agenda will cost us zero dollars? Even after weeks of back and forth, the released new BBB framework is approximately $1.75 trillion of investments.
Although my dollars are usually currency in $5, $10, $20 bills or occasional $50 bill and maybe a $100, the largest denomination I've held, Biden is dealing with trillions of dollars. If we use $100 bills, not $1 bills, the following are what a million is ($1,000,000), a billion is ($1,000,000,000) and a trillion is ($1,000,000,000,000).
Today's Inflationary prices will be with us for a longtime or maybe permanent.