Inflation is not ‘transitory,’ says Fed chair

Federal Reserve Chairman Jerome Powell informed a Senate committee on Tuesday that “transitory” is a word that should be retired when talking about inflation as it suggests the phenomenon will be “short-lived.”Asked about his use of the term transitory when speaking about inflation by Sen. Pat Toomey (R-Pennsylvania), Powell admitted the word’s actual definition may not exactly fit what he and others have been trying to get across to Americans dealing with record in