transitory

Initially, Powell had said that the first glimmers of inflation appeared “likely to pass through fairly quickly without the need for a monetary policy response” — the very credo of Camp Transitory.

America wasn’t in the throes of unsustainably high consumer demand, but a temporary — call it “transitory” — spike.

The good ship Transitory was a crowded one, with most mainstream analysts and advanced-economy central bankers on board.

Let’s start with the most fundamental debate among the policymakers: whether inflation would be “transitory” or long-lasting.

As Fed Chair Jerome H. Powell recollected in a speech last month, “the good ship Transitory was a crowded one, with most mainstream analysts and advanced-economy central bankers on board.”