Fed's Roger Ferguson on productivity:

In aspeech on 'Productivity: Past, Present, and Future' given on 7 July, Roger Ferguson of the Federal Reserve said the recent increase in U.S. inflation should not be sustained but the Fed is ready to act if that view proves wrong.

"Perhaps the inflation picture has deteriorated somewhat -- we cannot be in any sense complacent about that -- but some of those forces that have been driving inflation do seem to be transitory," he told the New York Association for Business Economics.

"If that

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