It only took one word from Fed Chairman Jerome Powell on inflation to send the markets reeling, and that word was 'transitory.'
Traders have been speculating that the weaker inflation readings would concern the Fed so much that it would cut interest rates later this year. Powell knocked that idea, by explaining that the Federal Reserve still sees the weakness as the result of 'transitory' factors, such as portfolio management services, lower apparel prices and airfares.
"We suspect transitory factors may be at work," he said, adding inflation should return to the Fed's objective over time, and then be symmetric around its objective. Powell said the Fed believes a number of issues were holding back inflation but it's likely they are transitory like the change in cell phone rates that impacted inflation several years ago. "We're going to be watching these things carefully to see if that's the case," he said.
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