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.
By calling inflation "transitory" last month, Bank of Japan Gov. Haruhiko Kuroda, left, sounded like his opposite at the U.S. Federal Reserve, Jerome Powell, last year. (Source photos by Tomoki Mera and Reuters)
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