Now, Powell says, it might have to rethink the pace at which it unwinds a program that will have expanded the Fed’s balance sheet by about $US5 trillion by the time it ends.Given the inflationary pressures and the rapid improvement in labour markets “it is therefore appropriate in my view to consider wrapping up the taper of our asset purchases, perhaps a few months earlier”. He said he expected a faster taper to be discussed at the Fed’s next open market committee meeting in a fortnight’s time.
so... the Fed is not using the term "transitory" any more in relation to inflation...
