For most of this year, the Federal Reserve has been predicting one thing about inflation

that it would go away.

As the cost of cars, gas, flights, and furniture rose, an overall inflation ticked up from

2% to 4% to 5%, the Fed stuck to its guns.

In statement after statement, the Fed repeated that inflation was transitory.

But inflation hasn't gone away.

Last month, it hit a 39-year high.

It's 6.8%.

People are paying more for essentials like food and clothing.

Their paychecks don't go as far as they used to.

And recently, the Fed signal that it's changing up how it talks about inflation.

The word transitory is on its way out.

And that's raising questions about what's next for the economy, and just how long it'll

take to get inflation under control.

Welcome to the journal, our show about money, business, and power.

I'm Ryan Knutson.

It's Tuesday, December 14th.

Coming up on the show, the Fed's shifting message on inflation.

As inflation's ticked up this year, economists, investors, and policymakers have all been

keeping a close eye on the Federal Reserve, the country's central bank.

Because when it comes to inflation, the Fed wields huge power.

It can rein in inflation by raising interest rates, or it can push it up by keeping interest

...