What is different about the recent economic cycle from the usual economic cycle of the past?

In the United States, as in the euro zone, the economic equilibrium has essentially been characterised by a sharp rise in inflation from 2021 to 2024 and by a restrictive monetary policy in response to inflation. But the consequences of this surge in inflation and the resulting rise in interest rates are very different from those normally seen: There has been no rise in the unemployment rate and the labour market has remained tight; There has been no decline in corporate profitability; Growth has remained close to potential growth. This explains the limited effectiveness of restrictive monetary policy in reducing inflation.