Economy is Rebalancing

What we see today in global economy is the process of new rebalancing.   The process is the US output gap to decrease to potential GDP and unemployment also to decrease to natural unemployment, however, all this will happen in the cost of general price increases and prices will stay higher.  Cost push inflation was supported with stimulus spending, which may take time to materialize, but eventually will balance and bring real GDP to potential GDP in a new equilibrium, but with higher prices than before