I just listened to the latest TFTC with Peter St Onge. He said that back in the 70’s, there were actually two periods of inflation. After the first one, the Fed turned the money printer back on too soon and the inflation came roaring back. That led to the second round of tightening that cost Carter the election and the Democrats their previously strong plurality (and paved the way for Regan).

My intuition is that the Fed learned from this experience and will be willing to hold out longer on the first round of pain than they otherwise would have.