{"id":1082014,"date":"2021-12-03T20:29:12","date_gmt":"2021-12-04T01:29:12","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1082014"},"modified":"2021-12-03T20:29:18","modified_gmt":"2021-12-04T01:29:18","slug":"janet-yellen-admits-inflation-shouldnt-be-labeled-transitory","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/janet-yellen-admits-inflation-shouldnt-be-labeled-transitory\/","title":{"rendered":"Janet Yellen Admits Inflation Shouldn\u2019t Be Labeled \u2018Transitory\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjanet-yellen-admits-inflation-shouldnt-be-labeled-transitory%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1082014&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Treasury Secretary Janet Yellen said that policymakers should stop using the term \u201ctransitory\u201d when describing high levels of inflation \u2014 a position that many investors have been holding for several months.<\/p>\n<p>The most recent inflation data from the Department of Labor <a href=\"https:\/\/www.dailywire.com\/news\/breaking-bidenflation-price-increases-soar-to-30-year-high-outpace-economist-predictions\">indicate<\/a> that consumer prices are rising at a 6.2% clip \u2014 significantly outpacing economists\u2019 expectations and matching rates last seen in 1990. However, key policymakers have not admitted that inflation will impact price levels in the long-term until the past few days.<\/p>\n<p>\u201cI am ready to retire the word transitory,\u201d Yellen said at an event sponsored by Reuters, as recorded by <a href=\"https:\/\/www.nytimes.com\/2021\/12\/02\/business\/yellen-inflation-omicron.html\">The New York Times<\/a>. \u201cI can agree that that hasn\u2019t been an apt description of what we are dealing with.\u201d<\/p>\n<p>\u201cWhat we don\u2019t want to have develop is a wage-price spiral, in which inflation becomes its own self-reinforcing kind of phenomenon that would become chronic in the U.S. economy \u2014 something endemic,\u201d Yellen added while endorsing the Federal Reserve\u2019s decision to taper its aggressive monetary stimulus.<\/p>\n<p>Indeed, Fed Chair Jerome Powell <a href=\"https:\/\/www.foxbusiness.com\/politics\/powell-fed-wrong-inflation-not-transitory\">said<\/a> earlier this week that policymakers should scrap the term \u201ctransitory.\u201d<\/p>\n<p>\u201cSo I think the word transitory has different meanings to different people,\u201d Powell told Senate Banking Committee Ranking Member Pat Toomey (R-PA) during a hearing. \u201cTo many, it carries a time, a sense of short-lived. We tend to use it to mean that it won\u2019t leave a permanent mark in the form of higher inflation. I think it\u2019s probably a good time to retire that word and try to explain more clearly what we mean.\u201d<\/p>\n<p>\u201cWe will use our tools to make sure that higher inflation does not become entrenched,\u201d Powell said, noting that high inflation would \u201ccertainly\u201d continue \u201cthrough the middle of next year.\u201d<\/p>\n<p>For several months, however, many other officials and established investors have been rejecting the notion that inflation is \u201ctransitory.\u201d<\/p>\n<p>\u201cIn the long run we are certainly going to hit the wall,\u201d said hedge fund manager Carl Icahn during an October <a href=\"https:\/\/www.dailywire.com\/news\/there-will-be-a-crisis-legendary-hedge-fund-manager-warns-that-economy-will-hit-the-wall-due-to-inflation\">interview<\/a> with CNBC. \u201cI really think there will be a crisis the way we are going, the way we are printing money, the way we are going into inflation. If you look around you, you see inflation all around you and I don\u2019t know how you deal with that in the long term.\u201d<\/p>\n<p>Governor Ron DeSantis (R-FL) made similar <a href=\"https:\/\/www.dailywire.com\/news\/desantis-on-bidenflation-an-invisible-tax-on-the-american-people\">statements<\/a> in October: \u201cThis inflation is real. This inflation is upending a lot of things. They said it was just going to be transitory \u2014 it\u2019s not transitory.\u201d<\/p>\n<p>\u201cYou look at how much things have gone up year-over-year \u2014 these are stiff increases, and it\u2019s basically an invisible tax on the American people,\u201d he continued.<\/p>\n<p>Sen. Joe Manchin (D-WV) likewise <a href=\"https:\/\/www.dailywire.com\/news\/manchin-warns-about-record-inflation-inflation-tax-is-real\">rejected<\/a> the term \u201ctransitory\u201d last month.<\/p>\n<p>\u201cBy all accounts, the threat posed by record inflation to the American people is not \u2018transitory\u2019 and is instead getting worse,\u201d Manchin wrote. \u201cFrom the grocery store to the gas pump, Americans know the inflation tax is real and D.C. can no longer ignore the economic pain Americans feel every day.\u201d<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen said that policymakers should stop using the term \u201ctransitory\u201d when describing high levels of inflation \u2014 a position that many investors have been holding for several months.The most recent inflation data from the Department of Labor indicate that consumer prices are rising at a 6.2% clip \u2014 significantly outpacing economists\u2019 expectations and matching rates last seen in 1990. However, key policymakers have not admitted that inflation will impact price levels in the long-term until the past few days.\u201cI am ready to retire the word transitory,\u201d Yellen said at an event sponsored by Reuters, as recorded by The New York Times. \u201cI can agree that that hasn\u2019t been an apt description of what we are dealing with.\u201d\u201cWhat we don\u2019t want to have develop is a wage-price spiral, in which inflation becomes its own self-reinforcing kind of phenomenon that would become chronic in the U.S. economy \u2014 something endemic,\u201d Yellen added while endorsing the Federal Reserve\u2019s decision to taper its aggressive monetary stimulus.Indeed, Fed Chair Jerome Powell said earlier this week that policymakers should scrap the term \u201ctransitory.\u201d\u201cSo I think the word transitory has different meanings to different people,\u201d Powell told Senate Banking Committee Ranking Member Pat Toomey (R-PA) during a hearing. \u201cTo many, it carries a time, a sense of short-lived. We tend to use it to mean that it won\u2019t leave a permanent mark in the form of higher inflation. I think it\u2019s probably a good time to retire that word and try to explain more clearly what we mean.\u201d\u201cWe will use our tools to make sure that higher inflation does not become entrenched,\u201d Powell said, noting that high inflation would \u201ccertainly\u201d continue \u201cthrough the middle of next year.\u201dFor several months, however, many other officials and established investors have been rejecting the notion that inflation is \u201ctransitory.\u201d\u201cIn the long run we are certainly going to hit the wall,\u201d said hedge fund manager Carl Icahn during an October interview with CNBC. \u201cI really think there will be a crisis the way we are going, the way we are printing money, the way we are going into inflation. If you look around you, you see inflation all around you and I don\u2019t know how you deal with that in the long term.\u201dGovernor Ron DeSantis (R-FL) made similar statements in October: \u201cThis inflation is real. This inflation is upending a lot of things. They said it was just going to be transitory \u2014 it\u2019s not transitory.\u201d\u201cYou look at how much things have gone up year-over-year \u2014 these are stiff increases, and it\u2019s basically an invisible tax on the American people,\u201d he continued.Sen. Joe Manchin (D-WV) likewise rejected the term \u201ctransitory\u201d last month.\u201cBy all accounts, the threat posed by record inflation to the American people is not \u2018transitory\u2019 and is instead getting worse,\u201d Manchin wrote. \u201cFrom the grocery store to the gas pump, Americans know the inflation tax is real and D.C. can no longer ignore the economic pain Americans feel every day.\u201dThe Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1082014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1082014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1082014"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1082014\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1082014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1082014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1082014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}