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All bets are off if the Fed and White House are wrong about inflation By Matt Egan, CNN Business Published Jul 29, 2021 11:36:24 AM enablePagination: false endIndex: (CNN)  The White House and the Federal Reserve broadly agree: Inflation isn t here to stay. Red-hot prices will cool off as the US economy reopens. Most economists seem to concur that inflation is transitory, as the Fed puts it. Investors aren t freaking out either about the biggest price hikes since 2008. But the stakes couldn t be much higher here. If the consensus is wrong (as it sometimes is) and inflation remains uncomfortably high, it could threaten the economic recovery, the stock market boom and even the Biden agenda.

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