Inflation jitters are at a fever pitch.

Some investing experts and economists are making comparisons to the 1970s and early 1980s.

Some fund managers and strategists are still holding on to the notion that inflation will soon peak and that the economy is not about to tip into recession

But the job market is still in good shape. The unemployment rate remains low and wages are still growing, admittedly not as quickly as prices.

Supply chain constraints could finally begin to abate, which would relieve a lot of the pressure on prices.

Many economists and investors feel that the Fed took too long to take inflation threats seriously and is now playing catch up

Still, some hope that the worst will soon be over on the inflation front. Kit Juckes, wrote in a recent report that "a peak in inflation is likely in the next month or two."

 drift lower in the core inflation rate to about "3% or so...seems far more likely than the series of higher lows and higher highs that defined the 1970s.

"markets will be anxious, opinions split, and policymakers terrified of losing control over expectations."

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