nbucska - transformers do have an inrush current. A good explanation is given in the old Westinghouse Applied Protective Relaying book:
"The maximum inrush current occurs if the transformer is energized when the voltage wave is near zero. At this time, the current and flux should be a maximum in the highly inductive circuit, and a half wave of voltage requires a flux change of twice the maximum flux. If there is a residual flux left in the bank from the previous energization, it may either add or subtract from the total flux, thereby increasing or decreasing the inrush current. Power transformers are operated normally near the knee of the saturation curve, so the additional flux requirement of zero-voltage-wave energization plus any residual flux will definitely saturate the iron and increase the magnetizing current components."
"The inrush current decays rapidly for the first few cycles, and then very slowly, sometimes taking 4 or 5 seconds to subside, where the resistance is low. The time constant of the circuit (L/R) is not a constant because L is variable because of the transformer saturation. During the first few cycles, the saturation is high; hence, L is low. As the losses damp the circuit, the saturation becomes less and L increases."