Abstract: Unlike what happened during the 1970s, the US has maintained high economic growth and protected employment and consumer welfare during the current round of inflation. In fact, rising inflation has helped the US rebalance the balance sheets of the government, corporate, and household sector. Inflation expectations play a crucial role in the outcome of inflation, and measures should be taken promptly when inflation occurs to maintain the reputation of the central bank and stabilize inflation expectations. High inflation is like a cross-sector balance sheet surgery, and the postoperative effects merit further study.