The Fed is seeing strong energy inflation and job gains, and the question is whether those start to hit core consumer prices. To date, core inflation has been growing at a fairly tame rate. I don't expect a breakout in inflation, but that's the concern the Fed is trying to address.
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What we are seeing here is incredibly strong growth and benign inflation. A 1.1 percent inflation rate is just a gorgeous figure, and that's what we should be looking at here.
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