TOKYO -- For over a year, the Federal Reserve insisted that the rise in U.S. inflation was "transitory," while evidence mounted to the contrary. It dropped the claim in November and the word is now a punchline for critics of the central bank, who say it should have acted to tame prices sooner.
Market Spotlight
How 'transitory' is Japanese inflation?
From flour to fridges: Price pressures loom, but BOJ and experts say they won't last
