The document discusses concerns about rising inflation from monetary policy actions taken by central banks like the Federal Reserve and Bank of England. While inflation has been low since the 1970s, easy monetary policies for extended periods risk wage inflation becoming embedded in the economy, which is very difficult to reduce. The Bank of England faces this dilemma as inflation forecasts are rising even as economic growth remains weak. The author worries the Federal Reserve may ignore inflation risks in trying to spur job growth through monetary actions.