Federal Reserve Chairman Jerome Powell had some sobering comments on inflation that didn’t go down well on Wall Street. In fact, his words sent some investors running for the hills. The Dow dropped 1,000 points, or more than 3% of its value after his speech in Jackson Hole, Wyoming.

Inflation is more than “just a word,” as one Democratic congressman believes. It’s more than a political construct that Republicans are using to beat up Joe Biden.

Inflation is real and it’s going to be here for a while so get used to it, said Powell in so many words.