Coronal transients are believed to involve the expulsion of magnetic 'bubbles' or loops into interplanetary space. The close relationship of coronal transients with other forms of solar activity suggests a variation in their frequency of occurrence by a factor of 3--10 over the solar cycle. As magnetic 'inclusions' in the interplanetary magnetic field, transients should then lead to a solar cycle dependent scattering of cosmic rays entering the inner solar system. The power spectrum of a model of the transverse magnetic fluctuations and its solar cycle dependence is compared to the observed power spectra. Coronal transients are tentatively identified as the solar origin of the low-frequency power in the interplanetary field and, as such, an important factor in cosmic ray modulation.