Jerome Powell: ‘Inflation could turn out to be higher and more persistent than we expect’

The Federal Reserve, as expected, did not pull the trigger on a rate hike.

Will it ever?

For an economy dependent on near-zero interest rates, the central bank will probably not raise rates for another few years.

But that was not the biggest event to unfolding during the July Federal Open Market Committee (FOMC) meeting.

It is what transpired during the press conference.

Here is what Fed Chair Jerome Powell told reporters: “Inflation could turn out to be higher and more persistent than we expect.”

What an evolution for the Eccles Building, especially Powell.

It went from inflation is not happening. It then became inflation might happen but it will be low and temporary. It then turned into inflation will be hot but temporary. Now it is this poppycock.

Are they liars or just incompetent? Everyone could see that red-hot inflation was on the horizon.

Sad!