By John Persinos
In congressional testimony in November 2021, Federal Reserve Chair Jerome Powell tried to walk back his earlier predictions that inflation would be "transitory." Powell told lawmakers: "I think it's probably a good time to retire that word."
No kidding. Since Powell uttered those words, inflation has come down but remains far stickier than expected.
In February, we got data for the consumer price and producer price indices, and the personal consumption expenditures (PCE) price index, for the month of January. The numbers made a mockery of the word "transitory." All three yardsticks came in hotter than estimates, stunning Wall Street and sending stocks down.
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