CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

The End Of "Transitory"?

FED

The Fed's been moving away from using "transitory" in communications for a month or two now - looks from Powell's comments today at the Senate Banking Committee hearing ("it’s probably a good time to retire that word") like it's being officially discarded.

  • At the November FOMC Powell said they "took a step back from 'transitory'" in the Statement, which explained that supply-side factors driving high inflation largely reflect factors "that are expected to be transitory", a change from language that said elevated inflation "largely" reflected "transitory factors".
  • Powell explained this change at the time: "It’s become a word that’s attracted a lot of attention that maybe is distracting from our message, which we want to be as clear as possible".
  • MNI's Policy Team suggested before the November FOMC the Fed would move away from "transitory" (MNI: Fed Edging Away From Message Inflation Is 'Transitory', Oct 28).
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.