Powell Says Fed Doesn't See a Strong Case for a Rate Move Either Way

The transcript discusses the Federal Reserve's inflation objectives and current policy stance, noting that inflation, including core inflation, was close to 2% in 2018. However, both headline and core inflation were unexpectedly soft in the first quarter. The committee is concerned about persistent inflation deviations from the 2% target, which are not transient. Factors like portfolio management and apparel prices are considered. The committee would respond to persistent inflation trends in setting policy.

What does the term 'persistent' imply in the context of inflation?

What factors are mentioned that could influence inflation readings?