U.S. Fed members have repeatedly used the word 'transitory' when describing the current inflation envoronment, as it is currently massively pushing up the price of most goods and services in all sectors of the economy...many by double-digit percentage points.
I would posit that 'transitory inflation' cannot be determined to be transitory until the time arrives when prices stop rising and drop back to levels prior to their increases.
Instead, inflation is simply inflation, until it stops and reverses.
If prices never stop rising and reverse back, they will never be 'transitory.'
Unless these members have a crystal ball, they do NOT know whether today's inflation will last, get worse, or ever stop rising and revert back to prior levels.
Fed members are, therefore, misusing this phrase and mischaracterizing or inaccurately describing today's state of affairs.
