But Bernanke applied the term "transitory" to the current inflation backdrop, even though he seems to believe that emerging markets growth is "sustainable." Watch EEM ( quote ), EFA ( quote ) and SPY ( quote ) to see how emerging markets, developed markets and Wall Street all react to these pressures and the reversion to the mean from here. Ben Bernanke is right to look toward emerging markets when he talks about rising oil and gas prices, but the question is whether this situation is "transitory" or "sustainable."