The Biggest Global Asset Bubble That Ever Was And Ever Will Be., page-34

Yes ,I agree with you that they should have said "Although inflation has. bla, bla, bla, we still think that bla, bla, bla. ".

The interesting point it is that the recent spike in inflation is being seen as exogenous to the NAIRU story and what people seem to want to know is whether or not the Fed's assessment is right, something that only time will tell.