Hello, and welcome to another edition of the Byron York Show, the no-chit-chat podcast.

We'd like to get right into it, and what we're going to get into today is long inflation.

Long inflation like long COVID.

Long inflation.

Now on Monday, much of the political world was focused, reasonably, on the confirmation

hearings of Katanji Brown-Jackson, who was President Biden's nominee for the Supreme

Court.

Lots of news coverage, wall-to-wall, lots of commentary, etc., but across town in Washington,

at the same time, on Monday, there was an extraordinary news-worthy event.

The Chairman of the Federal Reserve Jerome Powell delivered a speech that could reverberate

through the next two election cycles.

So you ask what was so politically consequential about Powell's speech, and what was politically

consequential was his declaration that he expects it will take three years, not one,

not two, three years to bring inflation, which is currently at 7.9% annually, and it's

its highest rate in four decades, it will take three years to bring inflation back

to a normal level.

Okay, so I'm going to quote a lot of things from Powell's speech.

I could just play the audio of them, but he speaks in kind of a flat, monotonous kind

of way.

He has to be very careful sticking to his script, you know, because he's the chairman of

the Federal Reserve.

I mean, he could say something if he ad-libbed something, it could cause markets to crash

...