Powell admits Fed got it wrong on inflation, says they should stop calling it 'transitory'
Federal Reserve Chairman Jerome Powell acknowledged Tuesday that he now expects high inflation to continue into the middle of 2022, stating that the government should no longer push what had been a recurring slogan of it being "transitory."
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### Instruction: Powell admits Fed got it wrong on inflation, says they should stop calling it 'transitory'

### Response: Federal Reserve Chairman Jerome Powell acknowledged Tuesday that he now expects high inflation to continue into the middle of 2022, stating that the government should no longer push what had been a recurring slogan of it being "transitory."