Inflation is too much money chasing too few goods. As long as the central bank understands that and has price stability as its mandate, inflation can be controlled. In the post Vietnam inflation, inflation got out of control longer term because the central back still understood its role as controlling interest rates as an end in themselves, instead of using interest rates to control the money supply and thus prices. The Fed has the tools to control inflation, the issue how close they can stay to the goldilocks point of not moving too slowly on one hand and too fast on the other. Clearly they were way too slow coming out of the pandemic. Their difficulty is that when they act, it's typically about 18 months before the effects reach equilibrium in the economy so when market behavior swing fast - like in a pandemic, they can't read the signals very well. So they do miss and sometimes pretty badly.
But that said, the idea that an inflation is going to become a long term issue given the current understanding of monetary theory at central backs seems far fetched to me. This kind of view is probably why long term rates have resisted much rise.
OTOH, I suppose the world could just keep getting crazier to where any kind of management becomes impossible.