, Columnist
Markets Give Powell a Break. It May Be Transitory
If commodity prices or inflation breakevens continue to rise, it will get harder to argue that price increases are temporary.
Can you feel the heat from China’s steel prices yet?
Photographer: HECTOR RETAMAL/AFP/Getty Images
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Jerome Powell, chairman of the Federal Reserve, endured his latest joust with the journalistic profession, and did his best to say nothing interesting. He largely succeeded. But the latest Federal Open Market Committee meeting still left us with a few more clues on how the Fed intends to navigate through an exceptionally dangerous environment.