Transitory is gone, never to be uttered by the Fed again. So what does this mean?

TOPICS AND TIMESTAMPS:

The Plug 0:00

FED’S BIG SHIFT 0:37

TURNING POINT 6:30

PERMANENT 9:44

Dow drops 650 points on growing omicron fears, Powell taper comments

https://www.cnbc.com/2021/11/29/stock-market-futures-open-to-close-news.html

Hawkish Powell Tilt, Omicron Mount - Bloomberg

https://www.bloomberg.com/news/articles/2021-11-30/waves-of-volatility-whipsaw-markets-on-powell-tilt-omicron-risk?srnd=premium-canada

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https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ip4RneZ4UDSc/v2/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE/1240x-1.png

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https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i3FdWLi4EP4M/v2/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE/1240x-1.png

Federal Reserve: Jerome Powell Floats Early End to Bond-Buy Tapering - Bloomberg

https://www.bloomberg.com/news/articles/2021-11-30/powell-says-appopriate-to-weigh-earlier-end-to-bond-buy-tapering?srnd=premium-canada

Jerome Powell Ditches “Transitory” Inflation Tag, Paves Way for Rate Hike - Bloomberg

https://www.bloomberg.com/news/articles/2021-11-30/powell-ditches-transitory-inflation-tag-paves-way-for-rate-hike?srnd=premium-canada

Hawkish Jerome Powell Is a Force Markets Haven’t Faced in Three Years - Bloomberg

https://www.bloomberg.com/news/articles/2021-11-30/hawkish-powell-is-a-force-markets-haven-t-faced-in-three-years