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Nope, no one’s talking “transitory” inflation anymore. It seems like inflation’s gonna stay at the party a bit too long.

In October, the Federal Reserve’s preferred measure of inflation surged the most, on an annual basis, in more than three decades. Responding to this persistent, rising trend, Fed Chair Jerome Powell has signaled an accelerated timetable for the tapering of the central bank’s bond purchases, opening the door to interest rate hikes.

What does that mean for me and you?