Inflation is traveling in the wrong direction. Instead of going “north”, it is slipping “south”.

Today´s CPI was less than expected, with the core version print at 1.7% y-o-y, down from 1.8% in October. Nevertheless, if Marvin Goodfriend´s nomination goes forward, the worry with nonexistent inflation will remain alive and well at the FOMC From an interview in March 2013: Tom Keene (at 10 min): Marvin, don´t you think we are going to see a dampening of GDP if we see a restricted Fed? GOODFRIEND: There is no way that this recovery can proceed with any degree of confidence unless the Fed makes sure that inflation does not move up. So I think the risks…

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