“Inflation at these levels is, of course, a cause for concern. But that concern is tempered by a number of factors that suggest that these elevated readings are likely to prove temporary.”
That what the Fedearl Reserve Chairman Jerome Powell said in a speech last week to Jackson Hole Economic Policy Symposium which is sponsored by the Federal Reserve Bank of Kansas City.
The key word there is the last word – temporary.
But the speech was for 21 minutes and mentioned inflation 71 times (here is the transcript of the speech).
If it’s really “temporary,” why mention it every 18 seconds?
We weren’t buying it.
But then we realized that he may truly mean inflation is temporary.
At least temporary in the government sense of the term.
We know of many “temporary” government policies and projects.