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Fed Chair Jerome Powell admitted regret in May 2023 for calling pandemic inflation “transitory.” Throughout 2021, Powell insisted rising prices were temporary, blaming supply chain problems and product shortages from the pandemic. He was wrong. Inflation hit a 40-year high in 2022, forcing the Fed to rapidly raise interest rates. Republicans harshly criticized Powell for this error and slow response.
Now, in a surprising flip-flop, Trump officials are using the very word they once attacked. After Powell said “the last time there were tariffs… the inflation was transitory,” Trump’s economic advisor Kevin Hassett eagerly repeated this claim to White House reporters. Former advisor Larry Kudlow, now at Fox Business, dismissed concerns about Trump’s tariffs causing inflation as “the most overrated theme on Wall Street,” claiming that “any price hikes will be transitory”—the exact phrase Republicans once mocked Powell for using.
