Powell Concedes Inflation Wasn't 'Transitory' After All

Federal Reserve Chair Jerome Powell admitted that he was wrong to expect inflation would be transitory when it started to rise three years ago. Powell said that “in the fourth quarter of ’21, it became clear that inflation was not transitory,” in a rare television interview broadcast with CBS’s 60 Minutes program on Sunday night. Powell and other Fed officials brushed off the rise in inflation in early 2021 because they believed it was caused by temporary economic dislocations tied to the pandemic that would resolve themselves without a need...