Our presenter today is Jim Bianco of Bianco Research.
Earlier today Chairman Powell said: I think the word transitory has different meaning to different people. Too many it carries a sense of "short-lived." We tend to use it to mean it will not leave a permanent mark in the form of higher inflation. I think it is probably a good time to retire that word and explain more clearly what we mean.
Markets are reacting big to this statement. Stocks are falling hard and the yield is the flattest all year.
- What prompted Powell to say this.
- What does it mean for monetary policy
- What does it mean for markets
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