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The Real Reason Federal Reserve Chair Powell Retired “Transitory”

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There was much more said in Federal Reserve Chair Jerome Powell’s recent testimony, given before the U.S. Congress on November 30, than met the eye, but you have to know about the Fed’s actual influence in order to read between the lines. Headlines of Powell retiring the term “transitory” will lead many casual observers to believe Powell admitted that he was wrong about the temporary nature of price increases. In reality, he was making a point about the need for clear messaging.

As a disclaimer, this won’t be your typical warning about impending hyperinflation. This is a sober look at the Fed from an empirical position, which also happens to be contrarian right now: that the Fed is not just perpetually wrong, it is not central and doesn’t matter much.

Source: Bitcoin Magazine

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