The Federal Reserve has abandoned its “inflation is transitory” stance and says inflation is “persistent.” Stocks lost 2% from last week’s all-time closing high. The change in Fed policy is illustrated in this chart by Fritz Meyer, an independent economist. The Fed had been predicting inflation would peak at 4.1%. But its inflation benchmark, the Personal Consumption Expenditure Deflator, shot past 4.1% to 5% in October. On Wednes..