re: Trump wants next Fed chair consult with him on interest rates

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Powell never said “inflation is transitory.”

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quote:

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?Date: August 27, 2021
?Event: Jackson Hole Economic Symposium
?Article/Speech Title: "Monetary Policy in the Time of COVID"
?What he said: He argued that the spike in inflation was due to a "relatively narrow group of goods and services" (like used cars) directly affected by the reopening of the economy.
?Key Quote: "The spike in inflation is so far largely the product of a relatively narrow group of goods and services that have been directly affected by the pandemic and the reopening of the economy... And from long experience, we expect the inflation effects of these increases to be transitory."

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