The only thing to freak out about is freaking out itself.

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I'm reading From "Opinion: Don’t freak out about inflation yet" by Catherine Rampell (WaPo). Key point:

If everyone interprets recent price spikes as temporary shocks that will disappear as the economy reopens and production ramps up, then inflation and overheating concerns should fade. But if people start to freak out about inflation, then inflation becomes a self-fulfilling prophecy. Businesses start preemptively raising prices and wages, because they expect everyone else to do so, too.

So if there's inflation, it will be our fault. Calm down, settle back. It's only going to be a problem if you make it a problem.

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