How long does “temporary” or “transitory” last?

Yellen has made her position (shared by others at the FOMC) clear: First, she is somewhat puzzled by the inflation data. Second, that bewilderment will not deter them from keeping to their established “hike path”. Interestingly, two years ago she delivered a speech, which was all about inflation, in fact setting the foundation for beginning the “tightening” cycle, the first move of which took place three months later, in December, and was almost immediately temporarily “aborted” (remember Stan Fischer´s “4 rate hikes for 2016?) Highlights from the speech: “Inflation Dynamics and Monetary Policy” Policy Implications Assuming that my reading of…

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