Oh Great, Now They’re Admitting It

This can’t be good.

Janet Yellen Admits Inflation Shouldn’t Be Labeled ‘Transitory’ | The Daily Wire

“I am ready to retire the word transitory,” Yellen said at an event sponsored by Reuters, as recorded by The New York Times. “I can agree that that hasn’t been an apt description of what we are dealing with.”

“What we don’t want to have develop is a wage-price spiral, in which inflation becomes its own self-reinforcing kind of phenomenon that would become chronic in the U.S. economy — something endemic,” Yellen added while endorsing the Federal Reserve’s decision to taper its aggressive monetary stimulus.

Yes, the inflation death spiral. I’ve spoken of it before. That doesn’t concern me nearly as much as the scary word in her last sentence.

Endemic.

We’ve gone from “transitory”, to “not transitory” and worrying about “endemic” in about 30 seconds.

Treasury Secretaries pick their words more carefully than probably any other Cabinet post. They know that the stock market parses every single thing they say. The stock market is going to react very negatively if she starts using the word “endemic” more frequently.