Good luck explaining (correctly) to people that “transitory” isn’t a unit of time but Fedspeak for stationary properties of a time series.
I just saw this Fed trade war estimate that had a transitory shock impulse for 11 quarters, and we just learned that time length is poison.
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Nick Timiraos
@NickTimiraos
Bessent on tariffs: Over the long run "I'm not worried about inflation" from tariffs.
"We could get a one-time price adjustment."
"Nothing is more transitory than tariffs if it's a one-time price adjustment."
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