Federal Reserve Chairman Jerome Powell, whom President Joe Biden bizarrely wants to reappoint for another four-year term, made his own incompetence crystal clear on Tuesday by belatedly acknowledging that this year’s rampant inflation isn’t “transitory” after all.

Powell’s admission served merely to highlight how far behind the inflationary curve he and the Fed have been all year. Powell and the Fed bear at least half the blame for the highest price inflation rate in 30 years (with Biden and congressional Democrats deserving the rest).