What we see today is the process of new rebalancing in US economy. 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 price index probable will stay higher than before. As we saw 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, a new normal will be created. Inflation threat can be a problem in this process; adding more stimulus can increase probability that inflation to loose control and become very difficult to manage, in developing economies we already see that problem.