Federal Reserve Chair Jerome Powell opened up about the meaning of the word “transitory” while acknowledging inflation uncertainty and stressing that it is “premature” to raise rates.
“Inflation has come in higher than expected. Bottlenecks have been more persistent and are on track to persist well into next year. I don’t think we are behind the curve. The policy is well-positioned to address the range of plausible outcomes. It will be premature to raise rates today,” Powell said at a conference that followed the Fed’s interest rate announcement.
The Fed Chair admitted that high inflation is concerning and will likely last well into next year. “Inflation in the medium-term … is our job. The level of inflation that we have right now is not consistent with price stability,” he said. “For us, transitory has meant that it won’t leave behind permanent or persistently higher inflation … We acknowledge uncertainty around transitory.”
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