Abstract
Fully developed hydrodynamic turbulence is considered in terms of a steady-state solution to the exact Fokker-Planck equation for the probability functional of the velocity field. The nested intermittency argument of Yaglom is restated in this formulation. A divergent buildup of fluctuations during the energy cascade modifies the k53 inertial subrange spectrum. A physical analogy of the critical exponent η to the Yaglom intermittency parameter (μ9) is proposed.