The Federal Reserve's favorite inflation-related adjective used to be transitory, as in: Inflation is transitory and price increases should be temporary. That is no longer the case. Inflation rates have been increasing sharply since August 2021 and have been out of the normal 2%-to-4% range for a full year. The Consumer Price Index rose 8.5% for the year ending in March, a rate that hadn't been seen since December of 1981. So the central bank has broken up with "transitory" and set its eyes on a new inflation-modifying term: entrenched. "It's our job to make sure that inflation of that unpleasant high nature doesn't ... (full story)