Define inflation

Make-up policy is an explicit framework that allows the Fed to correct for past misses in its target. In the case of a recession, this feature allows the FOMC to be fine with inflation temporarily overshooting its target while the economy bounces back. Tolerating this overshoot implies a similar surge in nominal income that would restore it to the levels expected by household and business prior to the crisis. This restoration is important since many fixed-price nominal financial obligations like mortgages, loans, and leases were made based on these forecasts of nominal income.

I presume Beckworth means a subset of consumer prices that rise.  Or all consumer prices? Or threat of a real inflationary default?

I have never figured out how the Fed, a wholesale debt bank, could effect a subset of some consumer price index, nor has any economist actually explained this since all of them have make up definition of inflation.

So, Yes, Dave, some numbers get bigger and we call that, 'Some numbers getting bigger', the definition of inflation is quite useless.