Fed's Powell: Probably Time to Retire 'Transitory' Word

The transcript discusses the Federal Reserve's perspective on inflation, noting that inflation has exceeded 2% for a sustained period. It highlights the historical context of inflation rates and the varied interpretations of the term 'transitory.' The speaker suggests retiring the term 'transitory' to better explain the nature of inflation and its potential long-term effects.

What test has been articulated by the speaker regarding inflation?

What does the speaker suggest about the permanence of inflation's impact?