• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
Fed Chair Jerome Powell Suggests It Is Time to ‘Retire’ the Phrase ‘Transitory’ Regarding Inflation

Fed Chair Jerome Powell Suggests It Is Time to ‘Retire’ the Phrase ‘Transitory’ Regarding Inflation

November 30, 2021
If You Thought Kamala Uttered One Too Many Word Salads Then Watch Gavin Newsom Go On About Trade

If You Thought Kamala Uttered One Too Many Word Salads Then Watch Gavin Newsom Go On About Trade

May 9, 2025
‘Worst Of The Worst’: Trump Admin Official Details ‘Circus’ Surrounding Democrats’ Attempt To Enter ICE Facility

‘Worst Of The Worst’: Trump Admin Official Details ‘Circus’ Surrounding Democrats’ Attempt To Enter ICE Facility

May 9, 2025
Melania Trump Unveils New Stamp in Honor of Barbara Bush

Melania Trump Unveils New Stamp in Honor of Barbara Bush

May 9, 2025
Fetterman’s Support Tanking Among His Fellow Democrats, Poll Shows

Fetterman’s Support Tanking Among His Fellow Democrats, Poll Shows

May 9, 2025
JAMES DICKEY AND IVAN LONDON: Minnesota Is Hijacking National Energy Policy

JAMES DICKEY AND IVAN LONDON: Minnesota Is Hijacking National Energy Policy

May 9, 2025
Does Team Trump Have The ‘Winning Hand’ It Needs To Break China’s Back In Looming Trade Talks?

Does Team Trump Have The ‘Winning Hand’ It Needs To Break China’s Back In Looming Trade Talks?

May 9, 2025
Microsoft Bans Employees From Using ‘Chinese Propaganda’ Chatbot

Microsoft Bans Employees From Using ‘Chinese Propaganda’ Chatbot

May 9, 2025
Florida Man Gored By Bison At Yellowstone National Park

Florida Man Gored By Bison At Yellowstone National Park

May 9, 2025
What Corporate Media Isn’t Telling You About Trump’s Cuts To Decades-Old Energy Efficiency Program

What Corporate Media Isn’t Telling You About Trump’s Cuts To Decades-Old Energy Efficiency Program

May 9, 2025
Family of DC Crash Victim Praises Trump Admin Over Plan for Air Traffic Control

Family of DC Crash Victim Praises Trump Admin Over Plan for Air Traffic Control

May 9, 2025
GOP Senator Tells Charlie Kirk Whether He Thinks Judge Jeanine Will Be Confirmed For New Gig If Nominated

GOP Senator Tells Charlie Kirk Whether He Thinks Judge Jeanine Will Be Confirmed For New Gig If Nominated

May 9, 2025
NATHAN SIMINGTON AND GAVIN WAX: It’s Time For Trump To DOGE The FCC

NATHAN SIMINGTON AND GAVIN WAX: It’s Time For Trump To DOGE The FCC

May 9, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Friday, May 9, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

Fed Chair Jerome Powell Suggests It Is Time to ‘Retire’ the Phrase ‘Transitory’ Regarding Inflation

by Bradley Cortright
November 30, 2021 at 1:35 pm
in News
235 17
0
Fed Chair Jerome Powell Suggests It Is Time to ‘Retire’ the Phrase ‘Transitory’ Regarding Inflation
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Federal Reserve Chairman Jerome Powell believes it is time to stop using the term “transitory” in reference to inflation.

During a Senate hearing on Tuesday, Sen. Pat Toomey (R-Pa.) noted that Powell believes inflation is “transitory.”

“But everything is transitory. Life is transitory,” he added before asking, “How long does inflation have to run above your target before the Fed decides maybe it’s not so transitory?”

Powell responded, “I think the word ‘transitory’ has different meanings to different people.”

“To many, it is a sense of short-lived. We tend to use it to mean that it won’t leave a permanent mark in the form of higher inflation. I think it’s probably a good time to retire that word and try to explain more clearly what we mean,” he added.

Watch the video below:

Fed Chair Jerome Powell says that "it's probably a good time to retire" referring to inflation as transitory. pic.twitter.com/nJ8q7evABF

— The First (@TheFirstonTV) November 30, 2021

Inflation refers to the rate of the increase of the costs of good and services over a period of the time.

During the hearing, Powell maintained that he believe price increases will not be permanent, but he added that it “now appears that factors pushing inflation upward will linger well into next year.”

He continued, “The recent rise in COVID-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation. Greater concerns about the virus could reduce people’s willingness to work in person, which would slow progress in the labor market and intensify supply-chain disruptions.”

The price of consumer goods continued to increase in October, reaching a pace not seen in 30 years, as IJR reported.

According to data from the Labor Department, the consumer-price index, a measure of the prices consumers pay for goods and services, rose at its faster annual pace since 1990.

In the past 12 months, prices rose 6.2%, and October marked the fifth month in a row that inflation was over 5%.

Powell noted that “pandemic-related supply and demand imbalances have contributed to notable price increases.”

“Supply chain problems have made it difficult for producers to meet strong demand, particularly for goods. Increases in energy prices and rents are also pushing inflation upward,” he added.

Finally, he said, “We are committed to our price-stability goal. We will use our tools both to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched.”

Tags: Federal ReserveJerome Powellpolitics
Share196Tweet123
Bradley Cortright

Bradley Cortright

IJR, Senior Writer He's written for Independent Journal Review since 2019.

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th