TYLER COWEN: Is the US economy in danger of reheating?

It seems like only yesterday that the inflation debate was all about “Team Permanent” vs “Team Transitory”. But after several months of low inflation data, a kind of consensus has arisen: inflation has revealed itself to be transitory.

This is only a temporary consensus. There are signs that some economies, including that of the US, may experience a phenomenon known as “reheating”: a rapid turnaround that causes inflationary pressures to re-emerge. Is such a phenomenon possible?..