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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).
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