re: Powell no longer believes inflation will reduce

So, you can’t pull water out of just one end of the pool? Shocker.

When Nixon announced that the USA was no longer redeeming gold for dollars on 15 August, 1971, the government had been exchanging gold for dollars at $35.00 an ounce and the LBMA price of gold was approximately $43.00. As of 11 May, 2024, the current market price of gold is approximately $2,365.00 an ounce.

Over this period using the LBMA price of gold, it has compounded annually at a rate of :
(2,365÷43.00)^(1÷52.737704918) = 1.0789475903 or compounded at approximately 7.89% per annum for approximately 52.74 years as of 11 May, 2024, or to state it another way, the dollar has lost (1-(43.00÷2,365.00)) = .9818181818 or approximately 98.18% of its value against gold.
I suspect that the dollar will lose that remaining 1.82% in the next 5 years against gold. 

A compounded annual rate of approximately 7.89% for approximately 52.74 years is not too bad for a pet rock or a barbarous relic and if the a BRICS currency is eventually backed by gold then I suspect the compounding rate could exceed 9.00% compounding. Time will tell.

The website: LINK
indicates that it takes $7.71 to have the equivalency of $1.00 in 1971 or approximately 3.93 % compounding. Using the compounding rate for gold of approximately 7.89% you would have approximately $55.00 or approximately 7.13 times the $7.71 for the same time period. You would have beaten inflation by approximately 613%.
In our current climate of massive government fiscal irresponsibility with a debt of over $34,000,000,000,000 which does not include other liabilities like Social Security is approximately $101,190.00 for every man, woman and child in the USA and now adding $1,000,000,000,000 every 100 days which is an additional $10,863 per annum and being on the eve of WW III,