Fed Seeks New Power

Nov. 30: Federal Reserve chair Jerome Powell, testifying in the Senate today and answering a question from Sen. Pat Toomey (R-PA), said that “it’s probably a good time to retire that word” — [the word was “transitory"]. The power to retire words is not yet a Fed mandate, but maybe the power to cover up mistakes could be dusted off from the 1970s “Great Inflation.”