Cullen Roche is founder and chief investment officer of Discipline Funds, a financial advisory firm. He is the author of the Pragmatic Capitalism blog, where this column first appeared

In May 2020, I was on Anthony Pompliano’s podcast describing the likelihood of high inflation in the coming years and the US Federal Reserve trying to catch up. Turns out, that all came true since then. I said the following: “I don’t see how… say, 2021 or 2022, that if the economy is really rebounding that we don’t have 3%, 4%, 5% [core] inflation, and I think you could have the Federal Reserve chasing [its] own tail raising rates.”