Six times in 21 pages, we get everything bad in the economy soft peddled as transitory. Ya know, FOMC... you keep using this word. But I don't think you know what it means. Seriously, they use the word "transitory" sorta like a doctor might say a malignant tumor is "transitory" right before giving you 6 weeks to live.
If you drink, consider yourself to have found a new drinking game. I've embedded the whole document below, but lifted out the transitory quotes for your convenience.
"Participants viewed the weakness in first-quarter economic growth as likely to be largely transitory..."
"Participants revised up their projections for total inflation in 2011, reflecting recent increases in energy and other commodity prices, but they generally anticipated that the recent increase in inflation would be transitory..."
"Participants generally anticipated that the higher level of overall inflation would be transitory..."
"Significant increases in energy and other commodity prices had boosted overall inflation, but members expected this increase to be transitory..."
"Increases in the prices of energy and other commodities have pushed up inflation in recent months. The Committee expects these effects to be transitory...."
"Participants raised their forecasts for overall inflation this year; however, most expected that the increase would be transitory..."
Fomc Minutes April
No comments:
Post a Comment