Go On, Fight the Fed: Why, and How, Investors Should Gird for Inflation Risk

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Producers have been eating cost increases on many goods, but gas prices have been on the rise. Here, a gas station in Mill Valley, Calif., on a recent day.

Justin Sullivan/Getty Images

How long is temporary?

That’s the big question looming over the U.S. economy as it laps data gathered during the height of pandemic-driven lockdowns, setting up year-over-year comparisons that will look either artificially amazing or awful. This dynamic matters most, of course, to inflation measures that are bound to get hot.

Over the past…