When “transitory” became “one-off”

Week ending Friday 16th 2017 Inflation data, of all varieties, certainly do not support the Federal Reserve´s tightening plans. It seems even some at the FOMC are beginning to realize that fact. While in March there was just one member who thought rates should end 2017 at the 1-1.25% range, after the June meeting that number went up to four. Therefore, including Neel Kashkari who has been dissenting, there are five FOMC members who don´t plan to raise rates again this year. Yellen, however, is still downplaying inflation weakness as “transitory”. Since the idea of transitory that spans several years…

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