17:32:22 30-11-2021
Powell speech: Its a good time to retire the word “transitory” for inflation
Fed Chair Jerome Powell is testifying before the Committee on Banking, Housing, and Urban Affairs of the US Senate alongside US Treasury Secretary Janet Yellen.
Key takeaways:
"Higher prices are generally related to supply-demand issues."
"Also the case that price increases have spread more broadly."
"Risk of higher inflation has increased."
"It's a good time to retire 'transitory' for inflation."
Market Reaction
The US dollar, short-end and real US yields all popped higher in response to Powell's hawkish comment that it is time to retire the word "transitory" to describe inflation.