Inflation is 'permanent' and you'll never regain your lost purchasing power, says a Wall Street guru

• Wall Street guru Jim Grant told Fox Business Network inflation is "permanent."
• Grant said the Fed is likely to cut rates later rather than sooner.
• Grant has been the editor of "Grant's Interest Rate Observer" for the past four decades.

Market watchers expecting the US Federal Reserve to cut interest rates soon may be disappointed.

Jim Grant — who's been editing "Grant's Interest Rate Observer" for the past four decades — expects Fed chair Jerome Powell to be cautious as inflation remains above the central bank's target level.