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Fed's Powell: Good time to retire 'transitory' description for inflation

Credit: REUTERS/ELIZABETH FRANTZ

U.S. Federal Reserve Chair Jerome Powell on Tuesday said the word "transitory" is no longer the most accurate term for describing the nature of the current high inflation rate.

Nov 30 (Reuters) - U.S. Federal Reserve Chair Jerome Powell on Tuesday said the word "transitory" is no longer the most accurate term for describing the nature of the current high inflation rate.

"It is probably a good time to retire that word," Powell said in response to a question about his persistent use of the word to describe how long high inflation is expected to last during testimony to the Senate Banking Committee.

(Reporting By Dan Burns; Editing by Chizu Nomiyama)

((Daniel.Burns@thomsonreuters.com;))

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