I'm not complaining about 2020, I'm complaining about 2021. I'm not sure whatever it was that led to "transitory inflation narrative", it felt like the Fed was acting like a third world country, like Turkey's central bank, ignoring basic economical consideration everyone knows.

These levels of irrationality caught me and many others off guard. I did not at all expect the central bank to wait an entire year in what seemed like no brainer rate hike. I'm not sure what they were stalling for, but I already lost my trust in fiat then. Inflation isn't going back down until people are sure that central banks aren't going to be weak again. By the way, just look at the markets. They are all calling the Fed's bluff right now. The markets are screaming "the Fed is weak, he'll pivot".

Nobody believes the current Fed has the stomach to fight stagflation. Everybody knows he has to, but everyone already saw him chickening out of raising rates for a full year with "transitory inflation" narrative.

EDIT: A full year isn't "few months". It's a whole year. A whole year during which the Fed has completely eroded the trust in the central bank. Inflation was already 4.1% at April 2021, continuing to climb, up to 7% in December 2021, yet only in April 2022 the rate hikes started. That's not rounding error. It's a full year during which the problem transformed from somewhat manageable to full blown economic disaster and this train wreck isn't even close to stopping.