Do you all remember when everyone was saying COVID inflation was "transitory"?....

With DXY spiking today and Powell talking about being cautious about rate cuts it got me thinking.

The "tariff inflation seems to be a one off" sounds eerily similar to "inflation is transitory". If inflation numbers start coming in hot again, what are we heading in to for this "fairly highly valued" market.

EDIT: Apologies, I did mean to imply that "high inflation" was what was being talked about as transitory. I didn't make that clear.