![Lyn Alden on Twitter: "In the 1940s, inflation had three big spikes from a combo of large fiscal spending and supply constraints. The Fed held rates near 0 through them. 1940s had Lyn Alden on Twitter: "In the 1940s, inflation had three big spikes from a combo of large fiscal spending and supply constraints. The Fed held rates near 0 through them. 1940s had](https://pbs.twimg.com/media/E1HfD0LWEAEY0T8.png)
Lyn Alden on Twitter: "In the 1940s, inflation had three big spikes from a combo of large fiscal spending and supply constraints. The Fed held rates near 0 through them. 1940s had
![Lyn Alden on Twitter: "During the 1940s, inflation was transitory in rate-of-change terms, but after each spike in inflation, prices reached a new permanent plateau and went up from there. Cash and Lyn Alden on Twitter: "During the 1940s, inflation was transitory in rate-of-change terms, but after each spike in inflation, prices reached a new permanent plateau and went up from there. Cash and](https://pbs.twimg.com/media/E0u-sMZXsAMY4B6.png)
Lyn Alden on Twitter: "During the 1940s, inflation was transitory in rate-of-change terms, but after each spike in inflation, prices reached a new permanent plateau and went up from there. Cash and
![Lyn Alden on Twitter: "Some people dismiss the 1940s inflationary period as being just transient spikes of inflation due to specific temporary shortages. And indeed, the inflation of that era came in Lyn Alden on Twitter: "Some people dismiss the 1940s inflationary period as being just transient spikes of inflation due to specific temporary shortages. And indeed, the inflation of that era came in](https://pbs.twimg.com/media/EyDksIUXMAIFuDn.png)