Brian Chappatta, Columnist

Markets Race to Process Latest ‘Powell Pivot’

The Fed chair’s testimony to the Senate Banking Committee indicated a shift to inflation-fighting mode.

November 30, 2021 at 5:47 PM UTC

Brian Chappatta is managing editor of Bloomberg News' leveraged finance and distressed debt teams. He was previously managing editor and team leader of its wealth group. Before that he was a Bloomberg Opinion markets and finance columnist and a bonds reporter for Bloomberg News.

Retiring the term “transitory.”
Photographer: Al Drago/Bloomberg

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Markets just witnessed another “Powell pivot.”

Federal Reserve Chair Jerome Powell has long held a sanguine view about this year’s sharp increase in U.S. inflation. Time and again, he wrote off the spike as “transitory” — something that would fix itself over time. In his much-anticipated Jackson Hole speech in August, he presented a one-sided case for why price pressures were no reason for alarm.